Based on 48 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their AZ positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 84% of 1.2Y peak
84% of all-time peak
48 funds currently hold this stock — 84% of the 1.2-year high of 57 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
🚀
Fast accumulation — +220% more funds vs a year ago
fund count last 5Q
+33 new funds entered over the past year (+220% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks. The peak was reached in just 3 quarters from the low — a sharp move.
🟡
Slight buying edge — 52% buying
33 buying31 selling
Last quarter: 33 funds bought or added vs 31 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.
⚠️
Fewer new buyers each quarter (-17 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 16 → 12 → 29 → 12. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔄
Mostly new holders — 58% entered in last year
■ 4% conviction (2yr+)
■ 38% medium
■ 58% new
Only 2 funds (4%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
💎
Buying through price weakness — shares +12%, value -14%
Last quarter: funds added +12% more shares while total portfolio value only changed -14%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
16 → 12 → 29 → 12 new funds/Q
New funds entering each quarter: 16 → 12 → 29 → 12. A growing number of institutions are discovering AZ each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🌱
Early stage — 100% of holders entered in last year
■ 0% veterans
■ 0% 1-2yr
■ 100% new
Of 56 current holders: 56 (100%) entered in the past year, only 0 (0%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
📋
Smaller funds dominant — 2% AUM from top-100
2% from top-100 AUM funds
7 of 48 holders rank in the top 100 by AUM, but together hold only 2% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
5.7
out of 10
Moderate Exit Risk
Exit risk score 5.7/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.