Based on 22 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added APMU 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 (96% of max)
96% of all-time peak
22 hedge funds hold APMU 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 — +5% more funds vs a year ago
fund count last 6Q
+1 new funds entered over the past year (+5% 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 — 57% buying
13 buying10 selling
Last quarter: 13 funds bought or added vs 10 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 — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 5 → 2 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 23% entered in last year
■ 23% conviction (2yr+)
■ 55% medium
■ 23% new
Only 5 funds (23%) 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 — ~4 new funds/quarter
3 → 2 → 5 → 2 → 4 new funds/Q
New funds entering each quarter: 2 → 5 → 2 → 4. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 32% veterans, 27% new entrants
■ 32% veterans
■ 41% 1-2yr
■ 27% new
Of 22 current holders: 7 (32%) held 2+ years, 9 held 1–2 years, 6 (27%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 57% AUM from top-100 funds
57% from top-100 AUM funds
7 of 22 holders are among the 100 largest funds by AUM, controlling 57% of total institutional value in APMU. 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 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.