Based on 249 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 ASAN 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 (100% of max)
100% of all-time peak
249 hedge funds hold ASAN 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 — +10% more funds vs a year ago
fund count last 6Q
+22 new funds entered over the past year (+10% 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 — 58% buying
153 buying113 selling
Last quarter: 153 funds bought or added vs 113 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 — ~56 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 45 → 38 → 53 → 56. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 23% medium
■ 24% new
132 out of 249 hedge funds have held ASAN for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
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Buying through price weakness — shares +20%, value -43%
Last quarter: funds added +20% more shares while total portfolio value only changed -43%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
46 → 45 → 38 → 53 → 56 new funds/Q
New funds entering each quarter: 45 → 38 → 53 → 56. A growing number of institutions are discovering ASAN each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 63% veterans vs 24% newcomers
■ 63% veterans
■ 13% 1-2yr
■ 24% new
Entry-cohort mix of 264 holders: 167 (63%) are 2+ year veterans, 34 entered 1–2 years ago, and 63 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 45% AUM from top-100 funds
45% from top-100 AUM funds
42 of 245 holders are among the 100 largest funds by AUM, controlling 45% of total institutional value in ASAN. 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.