Based on 75 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 BUI 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
75 hedge funds hold BUI 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
+12 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 — 62% buying
48 buying29 selling
Last quarter: 48 funds were net buyers (17 opened a brand new position + 31 added to an existing one). Only 29 were sellers (18 trimmed + 11 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+6 vs last Q)
new funds entering per quarter
Funds opening a new BUI position: 7 → 7 → 11 → 17. 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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47% of holders stayed for 2+ years
■ 47% conviction (2yr+)
■ 28% medium
■ 25% new
35 out of 75 hedge funds have held BUI 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
8 → 7 → 7 → 11 → 17 new funds/Q
New funds entering each quarter: 7 → 7 → 11 → 17. 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 — 52% veterans vs 29% newcomers
■ 52% veterans
■ 19% 1-2yr
■ 29% new
Entry-cohort mix of 75 holders: 39 (52%) are 2+ year veterans, 14 entered 1–2 years ago, and 22 (29%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 61% AUM from top-100 funds
61% from top-100 AUM funds
10 of 74 holders are among the 100 largest funds by AUM, controlling 61% of total institutional value in BUI. 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 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.