Based on 66 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 FICS positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (97% of max)
97% of all-time peak
66 hedge funds hold FICS 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.
📶
Steady growth — +12% more funds vs a year ago
fund count last 6Q
+7 new funds entered over the past year (+12% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 54% buying
35 buying30 selling
Last quarter: 35 funds bought or added vs 30 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.
➡️
Steady new buyers — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 8 → 11 → 11 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 36% long-term, 27% new
■ 36% conviction (2yr+)
■ 36% medium
■ 27% new
Of the 66 current holders: 24 (36%) held >2 years, 24 held 1–2 years, and 18 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.
➡️
Steady discovery — ~7 new funds/quarter
6 → 8 → 11 → 11 → 7 new funds/Q
New funds entering each quarter: 8 → 11 → 11 → 7. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 38% veterans, 33% new entrants
■ 38% veterans
■ 29% 1-2yr
■ 33% new
Of 66 current holders: 25 (38%) held 2+ years, 19 held 1–2 years, 22 (33%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 34% AUM from major funds
34% from top-100 AUM funds
10 of 66 holders rank in the top 100 by AUM, accounting for 34% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.