Based on 146 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 OPFI 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 (97% of max)
97% of all-time peak
146 hedge funds hold OPFI 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 — +8% more funds vs a year ago
fund count last 6Q
+11 new funds entered over the past year (+8% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 51% buying
75 buying73 selling
Last quarter: 75 funds bought or added vs 73 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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Steady new buyers — ~27 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 37 → 35 → 23 → 27. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mixed — 29% long-term, 33% new
■ 29% conviction (2yr+)
■ 38% medium
■ 33% new
Of the 146 current holders: 42 (29%) held >2 years, 56 held 1–2 years, and 48 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
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Buying through price weakness — shares -11%, value -34%
Last quarter: funds added -11% more shares while total portfolio value only changed -34%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Peak discovery — momentum slowing
51 → 37 → 35 → 23 → 27 new funds/Q
New funds entering each quarter: 37 → 35 → 23 → 27. OPFI is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Mixed cohorts — 31% veterans, 43% new entrants
■ 31% veterans
■ 26% 1-2yr
■ 43% new
Of 152 current holders: 47 (31%) held 2+ years, 39 held 1–2 years, 66 (43%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 45% AUM from top-100 funds
45% from top-100 AUM funds
41 of 146 holders are among the 100 largest funds by AUM, controlling 45% of total institutional value in OPFI. 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.