Based on 70 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 7 quarters in a row
For 7 consecutive quarters, more hedge funds added EFAA 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
70 hedge funds hold EFAA right now — the highest count in 2.0 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.
🚀
Fast accumulation — +250% more funds vs a year ago
fund count last 6Q
+50 new funds entered over the past year (+250% 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.
🟢
More buyers than sellers — 76% buying
54 buying17 selling
Last quarter: 54 funds were net buyers (16 opened a brand new position + 38 added to an existing one). Only 17 were sellers (11 trimmed + 6 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~16 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 14 → 19 → 17 → 16. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 59% entered in last year
■ 0% conviction (2yr+)
■ 41% medium
■ 59% new
Only 0 funds (0%) 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.
➡️
Steady discovery — ~16 new funds/quarter
10 → 14 → 19 → 17 → 16 new funds/Q
New funds entering each quarter: 14 → 19 → 17 → 16. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 87% of holders entered in last year
■ 0% veterans
■ 13% 1-2yr
■ 87% new
Of 70 current holders: 61 (87%) 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.
🏆
Elite ownership — 63% AUM from top-100 funds
63% from top-100 AUM funds
13 of 70 holders are among the 100 largest funds by AUM, controlling 63% of total institutional value in EFAA. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
6.4
out of 10
Moderate Exit Risk
Exit risk score 6.4/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.