Based on 315 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 KAI 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
315 hedge funds hold KAI 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding KAI is almost the same as a year ago (+7 funds, +2% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 58% buying
180 buying131 selling
Last quarter: 180 funds bought or added vs 131 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 (+12 vs last Q)
new funds entering per quarter
Funds opening a new KAI position: 45 → 36 → 44 → 56. 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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56% of holders stayed for 2+ years
■ 56% conviction (2yr+)
■ 24% medium
■ 20% new
177 out of 315 hedge funds have held KAI 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
54 → 45 → 36 → 44 → 56 new funds/Q
New funds entering each quarter: 45 → 36 → 44 → 56. A growing number of institutions are discovering KAI each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 59% veterans vs 29% newcomers
■ 59% veterans
■ 12% 1-2yr
■ 29% new
Entry-cohort mix of 320 holders: 188 (59%) are 2+ year veterans, 39 entered 1–2 years ago, and 93 (29%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 33% AUM from major funds
33% from top-100 AUM funds
50 of 314 holders rank in the top 100 by AUM, accounting for 33% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.