Based on 101 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 OBE 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 (98% of max)
98% of all-time peak
101 hedge funds hold OBE 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 — +4% more funds vs a year ago
fund count last 6Q
+4 new funds entered over the past year (+4% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 63% buying
60 buying35 selling
Last quarter: 60 funds were net buyers (28 opened a brand new position + 32 added to an existing one). Only 35 were sellers (20 trimmed + 15 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+15 vs last Q)
new funds entering per quarter
Funds opening a new OBE position: 8 → 9 → 13 → 28. 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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57% of holders stayed for 2+ years
■ 57% conviction (2yr+)
■ 18% medium
■ 25% new
58 out of 101 hedge funds have held OBE 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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Value +121% but shares only +50% — price-driven
Last quarter: the total dollar value of institutional holdings rose +121%, but actual share count only changed +50%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Acceleration phase — new buyers rushing in
13 → 8 → 9 → 13 → 28 new funds/Q
New funds entering each quarter: 8 → 9 → 13 → 28. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Veteran-anchored — 65% veterans vs 22% newcomers
■ 65% veterans
■ 12% 1-2yr
■ 22% new
Entry-cohort mix of 107 holders: 70 (65%) are 2+ year veterans, 13 entered 1–2 years ago, and 24 (22%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 72% AUM from top-100 funds
72% from top-100 AUM funds
24 of 98 holders are among the 100 largest funds by AUM, controlling 72% of total institutional value in OBE. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.