Based on 329 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their CWAN positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 84% of 3.0Y peak
84% of all-time peak
329 funds currently hold this stock — 84% of the 3.0-year high of 392 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 10% fewer funds vs a year ago
fund count last 6Q
36 fewer hedge funds hold CWAN compared to a year ago (-10% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 42% buying
188 buying264 selling
Last quarter: 264 funds reduced or exited vs 188 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.
⚠️
Fewer new buyers each quarter (-57 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 82 → 47 → 135 → 78. 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.
📌
Mixed — 29% long-term, 41% new
■ 29% conviction (2yr+)
■ 31% medium
■ 41% new
Of the 329 current holders: 94 (29%) held >2 years, 101 held 1–2 years, and 134 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💰
Price up while funds trimmed (+501% value, -4% shares)
Last quarter: total value of institutional CWAN holdings rose +501% even though funds reduced share count by 4%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
🚀
Acceleration phase — new buyers rushing in
74 → 82 → 47 → 135 → 78 new funds/Q
New funds entering each quarter: 82 → 47 → 135 → 78. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
📊
Mixed cohorts — 37% veterans, 45% new entrants
■ 37% veterans
■ 18% 1-2yr
■ 45% new
Of 360 current holders: 132 (37%) held 2+ years, 66 held 1–2 years, 162 (45%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 91% AUM from top-100 funds
91% from top-100 AUM funds
56 of 326 holders are among the 100 largest funds by AUM, controlling 91% of total institutional value in CWAN. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.