Based on 193 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added CBL 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
193 hedge funds hold CBL 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 — +18% more funds vs a year ago
fund count last 6Q
+29 new funds entered over the past year (+18% 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
113 buying67 selling
Last quarter: 113 funds were net buyers (23 opened a brand new position + 90 added to an existing one). Only 67 were sellers (47 trimmed + 20 sold completely). A clear majority buying is a strong confirmation signal.
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Fewer new buyers each quarter (-6 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 21 → 24 → 29 → 23. 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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64% of holders stayed for 2+ years
■ 64% conviction (2yr+)
■ 19% medium
■ 17% new
124 out of 193 hedge funds have held CBL 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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Growing discovery — still being found
24 → 21 → 24 → 29 → 23 new funds/Q
New funds entering each quarter: 21 → 24 → 29 → 23. A growing number of institutions are discovering CBL each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 72% veterans vs 20% newcomers
■ 72% veterans
■ 8% 1-2yr
■ 20% new
Entry-cohort mix of 195 holders: 140 (72%) are 2+ year veterans, 16 entered 1–2 years ago, and 39 (20%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 18% AUM from top-100
18% from top-100 AUM funds
44 of 193 holders rank in the top 100 by AUM, but together hold only 18% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.