Based on 278 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added CON 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
278 hedge funds hold CON 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.
📶
Steady growth — +10% more funds vs a year ago
fund count last 6Q
+26 new funds entered over the past year (+10% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 54% buying
145 buying122 selling
Last quarter: 145 funds bought or added vs 122 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 — ~49 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 36 → 42 → 48 → 49. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 33% entered in last year
■ 2% conviction (2yr+)
■ 65% medium
■ 33% new
Only 6 funds (2%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
📈
Growing discovery — still being found
57 → 36 → 42 → 48 → 49 new funds/Q
New funds entering each quarter: 36 → 42 → 48 → 49. A growing number of institutions are discovering CON each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Mixed cohorts — 3% veterans, 42% new entrants
■ 3% veterans
■ 54% 1-2yr
■ 42% new
Of 278 current holders: 9 (3%) held 2+ years, 151 held 1–2 years, 118 (42%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 42% AUM from top-100 funds
42% from top-100 AUM funds
51 of 278 holders are among the 100 largest funds by AUM, controlling 42% of total institutional value in CON. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.