Based on 136 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds added AWF 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
136 hedge funds hold AWF 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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Fast accumulation — +21% more funds vs a year ago
fund count last 6Q
+24 new funds entered over the past year (+21% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
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Slight buying edge — 56% buying
68 buying53 selling
Last quarter: 68 funds bought or added vs 53 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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More new buyers each quarter (+9 vs last Q)
new funds entering per quarter
Funds opening a new AWF position: 23 → 20 → 14 → 23. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 23% medium
■ 17% new
82 out of 136 hedge funds have held AWF 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 +4%, value -17%
Last quarter: funds added +4% more shares while total portfolio value only changed -17%. 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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Steady discovery — ~23 new funds/quarter
16 → 23 → 20 → 14 → 23 new funds/Q
New funds entering each quarter: 23 → 20 → 14 → 23. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 64% veterans vs 24% newcomers
■ 64% veterans
■ 12% 1-2yr
■ 24% new
Entry-cohort mix of 136 holders: 87 (64%) are 2+ year veterans, 17 entered 1–2 years ago, and 32 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 46% AUM from top-100 funds
46% from top-100 AUM funds
14 of 136 holders are among the 100 largest funds by AUM, controlling 46% of total institutional value in AWF. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.