Based on 113 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 9 quarters in a row
For 9 consecutive quarters, more hedge funds added FMAO 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
113 hedge funds hold FMAO 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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Fast accumulation — +45% more funds vs a year ago
fund count last 6Q
+35 new funds entered over the past year (+45% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
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More buyers than sellers — 70% buying
71 buying30 selling
Last quarter: 71 funds were net buyers (24 opened a brand new position + 47 added to an existing one). Only 30 were sellers (19 trimmed + 11 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+9 vs last Q)
new funds entering per quarter
Funds opening a new FMAO position: 18 → 12 → 15 → 24. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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47% of holders stayed for 2+ years
■ 47% conviction (2yr+)
■ 26% medium
■ 27% new
53 out of 113 hedge funds have held FMAO 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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Value +32% but shares only +12% — price-driven
Last quarter: the total dollar value of institutional holdings rose +32%, but actual share count only changed +12%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Growing discovery — still being found
10 → 18 → 12 → 15 → 24 new funds/Q
New funds entering each quarter: 18 → 12 → 15 → 24. A growing number of institutions are discovering FMAO each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 53% veterans vs 34% newcomers
■ 53% veterans
■ 13% 1-2yr
■ 34% new
Entry-cohort mix of 113 holders: 60 (53%) are 2+ year veterans, 15 entered 1–2 years ago, and 38 (34%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 61% AUM from top-100 funds
61% from top-100 AUM funds
33 of 113 holders are among the 100 largest funds by AUM, controlling 61% of total institutional value in FMAO. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.2
out of 10
Moderate Exit Risk
Exit risk score 4.2/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.