Based on 18 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added FUSE 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.
🔻
Below peak — only 17% of 3.0Y high
17% of all-time peak
Only 18 funds hold FUSE today versus a peak of 103 funds at 2022 Q3 — just 17% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Steady growth — +20% more funds vs a year ago
fund count last 6Q
+3 new funds entered over the past year (+20% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 73% buying
8 buying3 selling
Last quarter: 8 funds were net buyers (6 opened a brand new position + 2 added to an existing one). Only 3 were sellers (1 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 20 → 5 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 39% entered in last year
■ 22% conviction (2yr+)
■ 39% medium
■ 39% new
Only 4 funds (22%) 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.
⚠️
Saturation — most institutions already know this story
7 → 1 → 20 → 5 → 6 new funds/Q
New funds entering each quarter: 1 → 20 → 5 → 6. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
🏛️
Veteran-anchored — 61% veterans vs 39% newcomers
■ 61% veterans
■ 0% 1-2yr
■ 39% new
Entry-cohort mix of 18 holders: 11 (61%) are 2+ year veterans, 0 entered 1–2 years ago, and 7 (39%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 15% AUM from top-100
15% from top-100 AUM funds
6 of 18 holders rank in the top 100 by AUM, but together hold only 15% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 1.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.