Based on 23 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added FDSB 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 (100% of max)
100% of all-time peak
23 hedge funds hold FDSB 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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Steady growth — +15% more funds vs a year ago
fund count last 6Q
+3 new funds entered over the past year (+15% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 50% buying
11 buying11 selling
Last quarter: 11 funds bought or added vs 11 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 — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 5 → 4 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 35% entered in last year
■ 4% conviction (2yr+)
■ 61% medium
■ 35% new
Only 1 funds (4%) 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.
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Steady discovery — ~6 new funds/quarter
2 → 4 → 5 → 4 → 6 new funds/Q
New funds entering each quarter: 4 → 5 → 4 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 4% veterans, 39% new entrants
■ 4% veterans
■ 57% 1-2yr
■ 39% new
Of 23 current holders: 1 (4%) held 2+ years, 13 held 1–2 years, 9 (39%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 42% AUM from top-100 funds
42% from top-100 AUM funds
9 of 23 holders are among the 100 largest funds by AUM, controlling 42% of total institutional value in FDSB. 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 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.