Based on 52 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added FLC 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
52 hedge funds hold FLC 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 — +8% more funds vs a year ago
fund count last 6Q
+4 new funds entered over the past year (+8% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 64% buying
32 buying18 selling
Last quarter: 32 funds were net buyers (13 opened a brand new position + 19 added to an existing one). Only 18 were sellers (8 trimmed + 10 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~13 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 6 → 11 → 13. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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48% of holders stayed for 2+ years
■ 48% conviction (2yr+)
■ 27% medium
■ 25% new
25 out of 52 hedge funds have held FLC 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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Growing discovery — still being found
9 → 4 → 6 → 11 → 13 new funds/Q
New funds entering each quarter: 4 → 6 → 11 → 13. A growing number of institutions are discovering FLC each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 54% veterans vs 29% newcomers
■ 54% veterans
■ 17% 1-2yr
■ 29% new
Entry-cohort mix of 52 holders: 28 (54%) are 2+ year veterans, 9 entered 1–2 years ago, and 15 (29%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 30% AUM from major funds
30% from top-100 AUM funds
8 of 52 holders rank in the top 100 by AUM, accounting for 30% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.