Based on 248 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their FNCL 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 (95% of max)
95% of all-time peak
248 hedge funds hold FNCL 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.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding FNCL is almost the same as a year ago (-8 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
🟠
More sellers than buyers — 49% buying
115 buying118 selling
Last quarter: 118 funds reduced or exited vs 115 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️
Fewer new buyers each quarter (-8 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 24 → 25 → 34 → 26. 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.
🔒
55% of holders stayed for 2+ years
■ 55% conviction (2yr+)
■ 27% medium
■ 18% new
137 out of 248 hedge funds have held FNCL 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
46 → 24 → 25 → 34 → 26 new funds/Q
New funds entering each quarter: 24 → 25 → 34 → 26. A growing number of institutions are discovering FNCL each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 56% veterans vs 28% newcomers
■ 56% veterans
■ 17% 1-2yr
■ 28% new
Entry-cohort mix of 250 holders: 139 (56%) are 2+ year veterans, 42 entered 1–2 years ago, and 69 (28%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 32% AUM from major funds
32% from top-100 AUM funds
23 of 247 holders rank in the top 100 by AUM, accounting for 32% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.