Based on 212 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 LBRDA 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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High ownership — 93% of 3.0Y peak
93% of all-time peak
212 funds currently hold this stock — 93% of the 3.0-year high of 229 funds (reached 2025 Q1). 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
17 fewer hedge funds hold LBRDA compared to a year ago (-7% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More buyers than sellers — 61% buying
116 buying75 selling
Last quarter: 116 funds were net buyers (40 opened a brand new position + 76 added to an existing one). Only 75 were sellers (46 trimmed + 29 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new LBRDA position: 32 → 24 → 33 → 40. 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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62% of holders stayed for 2+ years
■ 62% conviction (2yr+)
■ 18% medium
■ 20% new
132 out of 212 hedge funds have held LBRDA 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
32 → 32 → 24 → 33 → 40 new funds/Q
New funds entering each quarter: 32 → 24 → 33 → 40. A growing number of institutions are discovering LBRDA each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 66% veterans vs 24% newcomers
■ 66% veterans
■ 9% 1-2yr
■ 24% new
Entry-cohort mix of 213 holders: 141 (66%) are 2+ year veterans, 20 entered 1–2 years ago, and 52 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 30% AUM from major funds
30% from top-100 AUM funds
35 of 212 holders rank in the top 100 by AUM, accounting for 30% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.