Based on 83 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added CADL 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
83 hedge funds hold CADL 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 — +20% more funds vs a year ago
fund count last 6Q
+14 new funds entered over the past year (+20% 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 — 63% buying
50 buying29 selling
Last quarter: 50 funds were net buyers (14 opened a brand new position + 36 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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Steady new buyers — ~14 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 25 → 16 → 14 → 14. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mixed — 25% long-term, 24% new
■ 25% conviction (2yr+)
■ 51% medium
■ 24% new
Of the 83 current holders: 21 (25%) held >2 years, 42 held 1–2 years, and 20 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
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Peak discovery — momentum slowing
21 → 25 → 16 → 14 → 14 new funds/Q
New funds entering each quarter: 25 → 16 → 14 → 14. CADL is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Mixed cohorts — 31% veterans, 39% new entrants
■ 31% veterans
■ 31% 1-2yr
■ 39% new
Of 88 current holders: 27 (31%) held 2+ years, 27 held 1–2 years, 34 (39%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 60% AUM from top-100 funds
60% from top-100 AUM funds
31 of 83 holders are among the 100 largest funds by AUM, controlling 60% of total institutional value in CADL. 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.