Based on 501 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added FNB 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
501 hedge funds hold FNB 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 — +18% more funds vs a year ago
fund count last 6Q
+78 new funds entered over the past year (+18% 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 — 60% buying
266 buying179 selling
Last quarter: 266 funds were net buyers (75 opened a brand new position + 191 added to an existing one). Only 179 were sellers (128 trimmed + 51 sold completely). A clear majority buying is a strong confirmation signal.
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Fewer new buyers each quarter (-11 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 40 → 69 → 86 → 75. 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.
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61% of holders stayed for 2+ years
■ 61% conviction (2yr+)
■ 20% medium
■ 19% new
304 out of 501 hedge funds have held FNB 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
57 → 40 → 69 → 86 → 75 new funds/Q
New funds entering each quarter: 40 → 69 → 86 → 75. A growing number of institutions are discovering FNB each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 67% veterans vs 23% newcomers
■ 67% veterans
■ 10% 1-2yr
■ 23% new
Entry-cohort mix of 504 holders: 340 (67%) are 2+ year veterans, 50 entered 1–2 years ago, and 114 (23%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 44% AUM from top-100 funds
44% from top-100 AUM funds
55 of 500 holders are among the 100 largest funds by AUM, controlling 44% of total institutional value in FNB. 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 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.