Based on 114 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 CRDF 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
114 hedge funds hold CRDF 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 CRDF is almost the same as a year ago (-4 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
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More sellers than buyers — 48% buying
50 buying55 selling
Last quarter: 55 funds reduced or exited vs 50 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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Steady new buyers — ~21 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 19 → 20 → 17 → 21. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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50% of holders stayed for 2+ years
■ 50% conviction (2yr+)
■ 30% medium
■ 20% new
57 out of 114 hedge funds have held CRDF 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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Buying through price weakness — shares -9%, value -52%
Last quarter: funds added -9% more shares while total portfolio value only changed -52%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Steady discovery — ~21 new funds/quarter
19 → 19 → 20 → 17 → 21 new funds/Q
New funds entering each quarter: 19 → 20 → 17 → 21. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 58% veterans vs 24% newcomers
■ 58% veterans
■ 18% 1-2yr
■ 24% new
Entry-cohort mix of 117 holders: 68 (58%) are 2+ year veterans, 21 entered 1–2 years ago, and 28 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 26% AUM from major funds
26% from top-100 AUM funds
34 of 114 holders rank in the top 100 by AUM, accounting for 26% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.