Based on 42 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added APIE than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
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At the ownership peak (98% of max)
98% of all-time peak
42 hedge funds hold APIE right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
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Steady growth — +11% more funds vs a year ago
fund count last 6Q
+4 new funds entered over the past year (+11% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 59% buying
26 buying18 selling
Last quarter: 26 funds bought or added vs 18 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
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Steady new buyers — ~10 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 10 → 4 → 6 → 10. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 31% entered in last year
■ 21% conviction (2yr+)
■ 48% medium
■ 31% new
Only 9 funds (21%) 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.
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Steady discovery — ~10 new funds/quarter
6 → 10 → 4 → 6 → 10 new funds/Q
New funds entering each quarter: 10 → 4 → 6 → 10. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 19% veterans, 43% new entrants
■ 19% veterans
■ 38% 1-2yr
■ 43% new
Of 42 current holders: 8 (19%) held 2+ years, 16 held 1–2 years, 18 (43%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 48% AUM from top-100 funds
48% from top-100 AUM funds
9 of 42 holders are among the 100 largest funds by AUM, controlling 48% of total institutional value in APIE. 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.