Based on 177 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their FPI positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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High ownership — 89% of 3.0Y peak
89% of all-time peak
177 funds currently hold this stock — 89% of the 3.0-year high of 198 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 — 8% fewer funds vs a year ago
fund count last 6Q
16 fewer hedge funds hold FPI compared to a year ago (-8% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 56% buying
103 buying80 selling
Last quarter: 103 funds bought or added vs 80 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️
Steady new buyers — ~22 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 24 → 32 → 27 → 22. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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59% of holders stayed for 2+ years
■ 59% conviction (2yr+)
■ 23% medium
■ 18% new
105 out of 177 hedge funds have held FPI 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 — ~22 new funds/quarter
28 → 24 → 32 → 27 → 22 new funds/Q
New funds entering each quarter: 24 → 32 → 27 → 22. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 64% veterans vs 22% newcomers
■ 64% veterans
■ 14% 1-2yr
■ 22% new
Entry-cohort mix of 183 holders: 118 (64%) are 2+ year veterans, 25 entered 1–2 years ago, and 40 (22%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 54% AUM from top-100 funds
54% from top-100 AUM funds
45 of 177 holders are among the 100 largest funds by AUM, controlling 54% of total institutional value in FPI. 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 2.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.