Based on 262 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their ASIX positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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At the ownership peak (96% of max)
96% of all-time peak
262 hedge funds hold ASIX 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding ASIX is almost the same as a year ago (-8 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 51% buying
115 buying109 selling
Last quarter: 115 funds bought or added vs 109 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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Fewer new buyers each quarter (-15 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 36 → 41 → 54 → 39. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
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60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 20% medium
■ 20% new
157 out of 262 hedge funds have held ASIX 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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Value +35% but shares only +1% — price-driven
Last quarter: the total dollar value of institutional holdings rose +35%, but actual share count only changed +1%. 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.
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Growing discovery — still being found
34 → 36 → 41 → 54 → 39 new funds/Q
New funds entering each quarter: 36 → 41 → 54 → 39. A growing number of institutions are discovering ASIX each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 67% veterans vs 22% newcomers
■ 67% veterans
■ 11% 1-2yr
■ 22% new
Entry-cohort mix of 266 holders: 177 (67%) are 2+ year veterans, 30 entered 1–2 years ago, and 59 (22%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 47% AUM from top-100 funds
47% from top-100 AUM funds
43 of 262 holders are among the 100 largest funds by AUM, controlling 47% of total institutional value in ASIX. 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 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.