Based on 363 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 FTDR 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 (96% of max)
96% of all-time peak
363 hedge funds hold FTDR 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 — +12% more funds vs a year ago
fund count last 6Q
+38 new funds entered over the past year (+12% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 52% buying
196 buying181 selling
Last quarter: 196 funds bought or added vs 181 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.
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More new buyers each quarter (+19 vs last Q)
new funds entering per quarter
Funds opening a new FTDR position: 81 → 59 → 42 → 61. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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58% of holders stayed for 2+ years
■ 58% conviction (2yr+)
■ 23% medium
■ 19% new
212 out of 363 hedge funds have held FTDR 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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Peak discovery — momentum slowing
58 → 81 → 59 → 42 → 61 new funds/Q
New funds entering each quarter: 81 → 59 → 42 → 61. FTDR is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Veteran-anchored — 63% veterans vs 23% newcomers
■ 63% veterans
■ 13% 1-2yr
■ 23% new
Entry-cohort mix of 367 holders: 232 (63%) are 2+ year veterans, 49 entered 1–2 years ago, and 86 (23%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 34% AUM from major funds
34% from top-100 AUM funds
50 of 361 holders rank in the top 100 by AUM, accounting for 34% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.