Ownership-derived peer

An ownership-derived peer measures, for a selected ticker, how often other tickers show up held alongside it in the same hedge-like filers' 13F books. Like manager overlap, it's expressed on a 0-100 scale rebased per ticker: the selected ticker's single most-co-held peer scores 100, and every other ranked result scales down proportionally from that top match. The underlying signal is purely a co-holding count across hedge-like filers, how many of the same funds hold both names at once, not any comparison of the two companies' fundamentals.

Read the ranking as who gets bought alongside whom by the same concentrated managers, not as a similarity score between the companies themselves. This is a meaningfully different peer concept from the sector or valuation peer group shown on Company Research, which is built from industry classification and financial metrics. Two ownership-derived peers can sit in completely unrelated sectors and still score high here, because the same set of hedge-like funds happens to hold both, a pattern a fundamentals-based peer group would never surface. Conversely, two obvious sector peers can score low here if hedge-like funds tend to pick one over the other rather than holding both together.

Ownership-derived peers say nothing about why the same funds hold both names; it could reflect a genuine thematic bet, an unrelated coincidence across two funds' independent research, or simply that both tickers are broadly popular holdings across the entire hedge-like universe regardless of any real connection. It inherits the same 13F blind spots as every metric on this tab: long-only, quarterly-lagged, equities only. And because the top score is rebased to 100 per ticker, a ticker with only a handful of hedge-like holders at all can still show a 100 at the top of its list, even if that top co-holding pair is thin in absolute terms.

A reader selects Ticker X, a mid-cap semiconductor name. Ticker Y, held alongside Ticker X by the largest share of the same hedge-like funds, scores 100. Ticker Z, a company in an entirely different sector with no obvious fundamental connection to Ticker X, scores 71, because a meaningful overlapping set of hedge-like funds happens to hold both. Meanwhile, a direct sector competitor to Ticker X that funds tend to pick instead of, rather than alongside, Ticker X scores only 12 here, despite looking like an obvious peer on Company Research's sector-based comparison.