Based on 124 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added FRBA 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
124 hedge funds hold FRBA 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.
📶
Steady growth — +19% more funds vs a year ago
fund count last 6Q
+20 new funds entered over the past year (+19% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 61% buying
67 buying42 selling
Last quarter: 67 funds were net buyers (15 opened a brand new position + 52 added to an existing one). Only 42 were sellers (31 trimmed + 11 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~15 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 9 → 15 → 18 → 15. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
48% of holders stayed for 2+ years
■ 48% conviction (2yr+)
■ 27% medium
■ 25% new
59 out of 124 hedge funds have held FRBA 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.
📈
Growing discovery — still being found
20 → 9 → 15 → 18 → 15 new funds/Q
New funds entering each quarter: 9 → 15 → 18 → 15. A growing number of institutions are discovering FRBA each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 55% veterans vs 33% newcomers
■ 55% veterans
■ 12% 1-2yr
■ 33% new
Entry-cohort mix of 124 holders: 68 (55%) are 2+ year veterans, 15 entered 1–2 years ago, and 41 (33%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 36% AUM from major funds
36% from top-100 AUM funds
35 of 124 holders rank in the top 100 by AUM, accounting for 36% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.