Based on 400 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 BSCR 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
400 hedge funds hold BSCR 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 — +19% more funds vs a year ago
fund count last 6Q
+63 new funds entered over the past year (+19% 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 — 68% buying
247 buying118 selling
Last quarter: 247 funds were net buyers (45 opened a brand new position + 202 added to an existing one). Only 118 were sellers (96 trimmed + 22 sold completely). A clear majority buying is a strong confirmation signal.
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Fewer new buyers each quarter (-8 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 35 → 25 → 53 → 45. 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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49% of holders stayed for 2+ years
■ 49% conviction (2yr+)
■ 30% medium
■ 20% new
196 out of 400 hedge funds have held BSCR 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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Acceleration phase — new buyers rushing in
39 → 35 → 25 → 53 → 45 new funds/Q
New funds entering each quarter: 35 → 25 → 53 → 45. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Veteran-anchored — 46% veterans vs 29% newcomers
■ 46% veterans
■ 25% 1-2yr
■ 29% new
Entry-cohort mix of 400 holders: 184 (46%) are 2+ year veterans, 100 entered 1–2 years ago, and 116 (29%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 25% AUM from major funds
25% from top-100 AUM funds
17 of 400 holders rank in the top 100 by AUM, accounting for 25% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.