Based on 138 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 FSMB 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
138 hedge funds hold FSMB 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 — +10% more funds vs a year ago
fund count last 6Q
+13 new funds entered over the past year (+10% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 61% buying
81 buying52 selling
Last quarter: 81 funds were net buyers (16 opened a brand new position + 65 added to an existing one). Only 52 were sellers (38 trimmed + 14 sold completely). A clear majority buying is a strong confirmation signal.
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Fewer new buyers each quarter (-10 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 13 → 12 → 26 → 16. 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.
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60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 18% medium
■ 22% new
83 out of 138 hedge funds have held FSMB 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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Acceleration phase — new buyers rushing in
11 → 13 → 12 → 26 → 16 new funds/Q
New funds entering each quarter: 13 → 12 → 26 → 16. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Veteran-anchored — 64% veterans vs 23% newcomers
■ 64% veterans
■ 12% 1-2yr
■ 23% new
Entry-cohort mix of 138 holders: 89 (64%) are 2+ year veterans, 17 entered 1–2 years ago, and 32 (23%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 42% AUM from top-100 funds
42% from top-100 AUM funds
9 of 138 holders are among the 100 largest funds by AUM, controlling 42% of total institutional value in FSMB. 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.