Based on 951 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their CP positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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At the ownership peak (97% of max)
97% of all-time peak
951 hedge funds hold CP 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding CP is almost the same as a year ago (-9 funds, -1% change). No significant rush to buy or sell — institutional backing is holding steady.
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More sellers than buyers — 47% buying
411 buying457 selling
Last quarter: 457 funds reduced or exited vs 411 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
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Fewer new buyers each quarter (-26 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 117 → 79 → 130 → 104. 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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67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 17% medium
■ 15% new
640 out of 951 hedge funds have held CP 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
104 → 117 → 79 → 130 → 104 new funds/Q
New funds entering each quarter: 117 → 79 → 130 → 104. A growing number of institutions are discovering CP each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 69% veterans vs 19% newcomers
■ 69% veterans
■ 12% 1-2yr
■ 19% new
Entry-cohort mix of 978 holders: 675 (69%) are 2+ year veterans, 114 entered 1–2 years ago, and 189 (19%) 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
59 of 948 holders are among the 100 largest funds by AUM, controlling 46% of total institutional value in CP. 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.