Based on 70 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added FRI 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
70 hedge funds hold FRI 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 — +6% more funds vs a year ago
fund count last 6Q
+4 new funds entered over the past year (+6% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More sellers than buyers — 46% buying
31 buying36 selling
Last quarter: 36 funds reduced or exited vs 31 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 — ~11 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 10 → 15 → 11. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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64% of holders stayed for 2+ years
■ 64% conviction (2yr+)
■ 24% medium
■ 11% new
45 out of 70 hedge funds have held FRI 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
6 → 5 → 10 → 15 → 11 new funds/Q
New funds entering each quarter: 5 → 10 → 15 → 11. A growing number of institutions are discovering FRI each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 71% veterans vs 14% newcomers
■ 71% veterans
■ 14% 1-2yr
■ 14% new
Entry-cohort mix of 70 holders: 50 (71%) are 2+ year veterans, 10 entered 1–2 years ago, and 10 (14%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 52% AUM from top-100 funds
52% from top-100 AUM funds
14 of 70 holders are among the 100 largest funds by AUM, controlling 52% of total institutional value in FRI. 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.