Based on 107 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 CRD/A 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
107 hedge funds hold CRD/A 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 CRD/A is almost the same as a year ago (-2 funds, -2% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 58% buying
55 buying40 selling
Last quarter: 55 funds bought or added vs 40 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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Steady new buyers — ~14 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 18 → 13 → 11 → 14. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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58% of holders stayed for 2+ years
■ 58% conviction (2yr+)
■ 23% medium
■ 19% new
62 out of 107 hedge funds have held CRD/A 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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Peak discovery — momentum slowing
13 → 18 → 13 → 11 → 14 new funds/Q
New funds entering each quarter: 18 → 13 → 11 → 14. CRD/A is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Veteran-anchored — 60% veterans vs 27% newcomers
■ 60% veterans
■ 13% 1-2yr
■ 27% new
Entry-cohort mix of 107 holders: 64 (60%) are 2+ year veterans, 14 entered 1–2 years ago, and 29 (27%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 40% AUM from top-100 funds
40% from top-100 AUM funds
34 of 107 holders are among the 100 largest funds by AUM, controlling 40% of total institutional value in CRD/A. 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 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.