Based on 330 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their FTRE positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 81% of 3.0Y peak
81% of all-time peak
330 funds currently hold this stock — 81% of the 3.0-year high of 407 funds (reached 2023 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 7% fewer funds vs a year ago
fund count last 6Q
24 fewer hedge funds hold FTRE compared to a year ago (-7% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 54% buying
168 buying145 selling
Last quarter: 168 funds bought or added vs 145 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.
⚠️
Fewer new buyers each quarter (-16 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 65 → 63 → 70 → 54. 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.
🔒
48% of holders stayed for 2+ years
■ 48% conviction (2yr+)
■ 29% medium
■ 23% new
159 out of 330 hedge funds have held FTRE 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.
💎
Buying through price weakness — shares +4%, value -45%
Last quarter: funds added +4% more shares while total portfolio value only changed -45%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~54 new funds/quarter
74 → 65 → 63 → 70 → 54 new funds/Q
New funds entering each quarter: 65 → 63 → 70 → 54. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 56% veterans vs 30% newcomers
■ 56% veterans
■ 14% 1-2yr
■ 30% new
Entry-cohort mix of 333 holders: 188 (56%) are 2+ year veterans, 46 entered 1–2 years ago, and 99 (30%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 39% AUM from major funds
39% from top-100 AUM funds
46 of 327 holders rank in the top 100 by AUM, accounting for 39% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.