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Early or late? Ten seconds.

How crowded is FPHAX?

Not an opinion, a read of the evidence. We rank all 10,000+ funds that must disclose their trades by how their disclosed buys performed, follow only the specialists, and place every name on the conviction curve: early, well positioned, or late.

Early or late? Ten seconds.

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FPHAXFUND X-RAY · HOW CROWDED IS THIS FUND?

15% of the fund by weight sits in late-stage names

57% Consensus · 13% Fading · 9% Emerging · 2% Crowded · 19% not covered

The crowded weight: ELAN 4.1% · JAZZ 4% · AXSM 1.1% · BNTX 1% · XENE 0.8% …

15% of the fund by weight sits in late-stage names (Crowded or Fading). This read covers 81% of the book; the rest sits outside our US equity coverage (cash, bonds, non-US names).

Watch this fund and we'll tell you when it crosses 50% crowded.

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How the read works · The live record vs the S&P 500 · Every past call, timestamped

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