Based on 68 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added BZUN 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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High ownership — 84% of 3.0Y peak
84% of all-time peak
68 funds currently hold this stock — 84% of the 3.0-year high of 81 funds (reached 2023 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding BZUN is almost the same as a year ago (+1 funds, +1% change). No significant rush to buy or sell — institutional backing is holding steady.
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More sellers than buyers — 47% buying
32 buying36 selling
Last quarter: 36 funds reduced or exited vs 32 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
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More new buyers each quarter (+6 vs last Q)
new funds entering per quarter
Funds opening a new BZUN position: 7 → 10 → 9 → 15. 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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66% of holders stayed for 2+ years
■ 66% conviction (2yr+)
■ 21% medium
■ 13% new
45 out of 68 hedge funds have held BZUN 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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Growing discovery — still being found
15 → 7 → 10 → 9 → 15 new funds/Q
New funds entering each quarter: 7 → 10 → 9 → 15. A growing number of institutions are discovering BZUN each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 77% of holders stayed 2+ years
■ 77% veterans
■ 9% 1-2yr
■ 14% new
Of 70 current holders: 54 (77%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
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Elite ownership — 53% AUM from top-100 funds
53% from top-100 AUM funds
14 of 68 holders are among the 100 largest funds by AUM, controlling 53% of total institutional value in BZUN. 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 2.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.