Based on 234 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds reduced or closed their CNMD positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 80% of 3.0Y peak
80% of all-time peak
234 funds currently hold this stock — 80% of the 3.0-year high of 294 funds (reached 2023 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 16% fewer funds vs a year ago
fund count last 6Q
45 fewer hedge funds hold CNMD compared to a year ago (-16% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 50% buying
129 buying131 selling
Last quarter: 129 funds bought or added vs 131 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 (-16 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 42 → 43 → 49 → 33. 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.
🔒
68% of holders stayed for 2+ years
■ 68% conviction (2yr+)
■ 18% medium
■ 15% new
158 out of 234 hedge funds have held CNMD 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 — ~33 new funds/quarter
47 → 42 → 43 → 49 → 33 new funds/Q
New funds entering each quarter: 42 → 43 → 49 → 33. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 73% veterans vs 17% newcomers
■ 73% veterans
■ 10% 1-2yr
■ 17% new
Entry-cohort mix of 237 holders: 172 (73%) are 2+ year veterans, 24 entered 1–2 years ago, and 41 (17%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 35% AUM from major funds
35% from top-100 AUM funds
52 of 234 holders rank in the top 100 by AUM, accounting for 35% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.