Based on 40 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their ECX 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 — 87% of 3.0Y peak
87% of all-time peak
40 funds currently hold this stock — 87% of the 3.0-year high of 46 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 13% fewer funds vs a year ago
fund count last 6Q
6 fewer hedge funds hold ECX compared to a year ago (-13% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 48% buying
19 buying21 selling
Last quarter: 21 funds reduced or exited vs 19 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.
⚠️
Fewer new buyers each quarter (-8 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 9 → 11 → 14 → 6. 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.
📌
Mixed — 28% long-term, 35% new
■ 28% conviction (2yr+)
■ 38% medium
■ 35% new
Of the 40 current holders: 11 (28%) held >2 years, 15 held 1–2 years, and 14 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.
💎
Buying through price weakness — shares -22%, value -56%
Last quarter: funds added -22% more shares while total portfolio value only changed -56%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~6 new funds/quarter
26 → 9 → 11 → 14 → 6 new funds/Q
New funds entering each quarter: 9 → 11 → 14 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 42% veterans vs 50% newcomers
■ 42% veterans
■ 8% 1-2yr
■ 50% new
Entry-cohort mix of 40 holders: 17 (42%) are 2+ year veterans, 3 entered 1–2 years ago, and 20 (50%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 63% AUM from top-100 funds
63% from top-100 AUM funds
17 of 40 holders are among the 100 largest funds by AUM, controlling 63% of total institutional value in ECX. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.