Based on 160 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 11 quarters in a row
For 11 consecutive quarters, more hedge funds added FTGS 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
160 hedge funds hold FTGS 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 — +17% more funds vs a year ago
fund count last 6Q
+23 new funds entered over the past year (+17% 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 — 54% buying
87 buying73 selling
Last quarter: 87 funds bought or added vs 73 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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Fewer new buyers each quarter (-9 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 21 → 18 → 29 → 20. 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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Mostly new holders — 27% entered in last year
■ 11% conviction (2yr+)
■ 62% medium
■ 27% new
Only 17 funds (11%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Growing discovery — still being found
33 → 21 → 18 → 29 → 20 new funds/Q
New funds entering each quarter: 21 → 18 → 29 → 20. A growing number of institutions are discovering FTGS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Mixed cohorts — 9% veterans, 46% new entrants
■ 9% veterans
■ 45% 1-2yr
■ 46% new
Of 160 current holders: 14 (9%) held 2+ years, 72 held 1–2 years, 74 (46%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Strong quality — 32% AUM from major funds
32% from top-100 AUM funds
9 of 160 holders rank in the top 100 by AUM, accounting for 32% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.