Based on 56 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 JOF 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
56 hedge funds hold JOF 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
+5 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 sellers than buyers — 49% buying
24 buying25 selling
Last quarter: 25 funds reduced or exited vs 24 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
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Steady new buyers — ~11 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 2 → 12 → 11. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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66% of holders stayed for 2+ years
■ 66% conviction (2yr+)
■ 12% medium
■ 21% new
37 out of 56 hedge funds have held JOF 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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Growing discovery — still being found
3 → 4 → 2 → 12 → 11 new funds/Q
New funds entering each quarter: 4 → 2 → 12 → 11. A growing number of institutions are discovering JOF each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 71% veterans vs 20% newcomers
■ 71% veterans
■ 9% 1-2yr
■ 20% new
Entry-cohort mix of 56 holders: 40 (71%) are 2+ year veterans, 5 entered 1–2 years ago, and 11 (20%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 5% AUM from top-100
5% from top-100 AUM funds
7 of 56 holders rank in the top 100 by AUM, but together hold only 5% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.