Based on 78 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their EDOW positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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At the ownership peak (98% of max)
98% of all-time peak
78 hedge funds hold EDOW right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
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Fast accumulation — +22% more funds vs a year ago
fund count last 6Q
+14 new funds entered over the past year (+22% 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.
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More sellers than buyers — 46% buying
33 buying39 selling
Last quarter: 39 funds reduced or exited vs 33 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 (-6 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 10 → 9 → 16 → 10. 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.
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63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 17% medium
■ 21% new
49 out of 78 hedge funds have held EDOW 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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Steady discovery — ~10 new funds/quarter
9 → 10 → 9 → 16 → 10 new funds/Q
New funds entering each quarter: 10 → 9 → 16 → 10. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 64% veterans vs 26% newcomers
■ 64% veterans
■ 10% 1-2yr
■ 26% new
Entry-cohort mix of 78 holders: 50 (64%) are 2+ year veterans, 8 entered 1–2 years ago, and 20 (26%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 51% AUM from top-100 funds
51% from top-100 AUM funds
14 of 78 holders are among the 100 largest funds by AUM, controlling 51% of total institutional value in EDOW. 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 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.