Based on 57 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added FOF 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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High ownership — 93% of 3.0Y peak
93% of all-time peak
57 funds currently hold this stock — 93% of the 3.0-year high of 61 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 7% fewer funds vs a year ago
fund count last 6Q
4 fewer hedge funds hold FOF compared to a year ago (-7% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More sellers than buyers — 48% buying
25 buying27 selling
Last quarter: 27 funds reduced or exited vs 25 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.
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Steady new buyers — ~9 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 8 → 7 → 7 → 9. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 25% medium
■ 16% new
34 out of 57 hedge funds have held FOF 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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Steady discovery — ~9 new funds/quarter
8 → 8 → 7 → 7 → 9 new funds/Q
New funds entering each quarter: 8 → 7 → 7 → 9. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 65% veterans vs 18% newcomers
■ 65% veterans
■ 18% 1-2yr
■ 18% new
Entry-cohort mix of 57 holders: 37 (65%) are 2+ year veterans, 10 entered 1–2 years ago, and 10 (18%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 68% AUM from top-100 funds
68% from top-100 AUM funds
10 of 57 holders are among the 100 largest funds by AUM, controlling 68% of total institutional value in FOF. 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 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.