Based on 123 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their CLW positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 61% of 3.0Y high
61% of all-time peak
Only 123 funds hold CLW today versus a peak of 201 funds at 2024 Q2 — just 61% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 23% fewer funds vs a year ago
fund count last 6Q
37 fewer hedge funds hold CLW compared to a year ago (-23% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 54% buying
72 buying62 selling
Last quarter: 72 funds bought or added vs 62 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.
➡️
Steady new buyers — ~20 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 32 → 21 → 15 → 20. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 20% medium
■ 13% new
83 out of 123 hedge funds have held CLW 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.
💎
Buying through price weakness — shares -8%, value -24%
Last quarter: funds added -8% more shares while total portfolio value only changed -24%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊
Peak discovery — momentum slowing
27 → 32 → 21 → 15 → 20 new funds/Q
New funds entering each quarter: 32 → 21 → 15 → 20. CLW is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 75% veterans vs 14% newcomers
■ 75% veterans
■ 11% 1-2yr
■ 14% new
Entry-cohort mix of 127 holders: 95 (75%) are 2+ year veterans, 14 entered 1–2 years ago, and 18 (14%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 38% AUM from major funds
38% from top-100 AUM funds
34 of 122 holders rank in the top 100 by AUM, accounting for 38% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 1.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.