Based on 134 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their BWMN positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (99% of max)
99% of all-time peak
134 hedge funds hold BWMN 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.
🚀
Fast accumulation — +37% more funds vs a year ago
fund count last 6Q
+36 new funds entered over the past year (+37% 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.
🟡
Slight buying edge — 56% buying
79 buying61 selling
Last quarter: 79 funds bought or added vs 61 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.
⚠️
Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 35 → 18 → 29 → 22. 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.
🔒
40% of holders stayed for 2+ years
■ 40% conviction (2yr+)
■ 31% medium
■ 30% new
53 out of 134 hedge funds have held BWMN 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.
➡️
Steady discovery — ~22 new funds/quarter
24 → 35 → 18 → 29 → 22 new funds/Q
New funds entering each quarter: 35 → 18 → 29 → 22. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 46% veterans vs 38% newcomers
■ 46% veterans
■ 16% 1-2yr
■ 38% new
Entry-cohort mix of 142 holders: 65 (46%) are 2+ year veterans, 23 entered 1–2 years ago, and 54 (38%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 62% AUM from top-100 funds
62% from top-100 AUM funds
43 of 134 holders are among the 100 largest funds by AUM, controlling 62% of total institutional value in BWMN. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.