Based on 115 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their ACP positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 93% of 3.0Y peak
93% of all-time peak
115 funds currently hold this stock — 93% of the 3.0-year high of 123 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 4% fewer funds vs a year ago
fund count last 6Q
5 fewer hedge funds hold ACP compared to a year ago (-4% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 43% buying
52 buying68 selling
Last quarter: 68 funds reduced or exited vs 52 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~18 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 16 → 16 → 18 → 18. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 21% entered in last year
■ 24% conviction (2yr+)
■ 55% medium
■ 21% new
Only 28 funds (24%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
💰
Value +312% but shares only +9% — price-driven
Last quarter: the total dollar value of institutional holdings rose +312%, but actual share count only changed +9%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
📈
Growing discovery — still being found
22 → 16 → 16 → 18 → 18 new funds/Q
New funds entering each quarter: 16 → 16 → 18 → 18. A growing number of institutions are discovering ACP each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
📊
Mixed cohorts — 30% veterans, 30% new entrants
■ 30% veterans
■ 40% 1-2yr
■ 30% new
Of 115 current holders: 34 (30%) held 2+ years, 46 held 1–2 years, 35 (30%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 99% AUM from top-100 funds
99% from top-100 AUM funds
9 of 115 holders are among the 100 largest funds by AUM, controlling 99% of total institutional value in ACP. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.