Based on 184 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added CNXN 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 (97% of max)
97% of all-time peak
184 hedge funds hold CNXN 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 — +8% more funds vs a year ago
fund count last 6Q
+13 new funds entered over the past year (+8% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 51% buying
97 buying94 selling
Last quarter: 97 funds bought or added vs 94 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.
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More new buyers each quarter (+8 vs last Q)
new funds entering per quarter
Funds opening a new CNXN position: 25 → 23 → 21 → 29. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 17% medium
■ 20% new
116 out of 184 hedge funds have held CNXN 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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Steady discovery — ~29 new funds/quarter
29 → 25 → 23 → 21 → 29 new funds/Q
New funds entering each quarter: 25 → 23 → 21 → 29. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 68% veterans vs 23% newcomers
■ 68% veterans
■ 9% 1-2yr
■ 23% new
Entry-cohort mix of 184 holders: 125 (68%) are 2+ year veterans, 16 entered 1–2 years ago, and 43 (23%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 46% AUM from top-100 funds
46% from top-100 AUM funds
45 of 183 holders are among the 100 largest funds by AUM, controlling 46% of total institutional value in CNXN. 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 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.