Based on 41 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 BFOR 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
41 hedge funds hold BFOR 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 — +14% more funds vs a year ago
fund count last 6Q
+5 new funds entered over the past year (+14% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 67% buying
18 buying9 selling
Last quarter: 18 funds were net buyers (5 opened a brand new position + 13 added to an existing one). Only 9 were sellers (7 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~5 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 5 → 3 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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54% of holders stayed for 2+ years
■ 54% conviction (2yr+)
■ 37% medium
■ 10% new
22 out of 41 hedge funds have held BFOR 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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Steady discovery — ~5 new funds/quarter
5 → 4 → 5 → 3 → 5 new funds/Q
New funds entering each quarter: 4 → 5 → 3 → 5. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 59% veterans vs 22% newcomers
■ 59% veterans
■ 20% 1-2yr
■ 22% new
Entry-cohort mix of 41 holders: 24 (59%) are 2+ year veterans, 8 entered 1–2 years ago, and 9 (22%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 78% AUM from top-100 funds
78% from top-100 AUM funds
10 of 40 holders are among the 100 largest funds by AUM, controlling 78% of total institutional value in BFOR. 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.