Based on 13 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added EFZ 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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Below peak — only 52% of 3.0Y high
52% of all-time peak
Only 13 funds hold EFZ today versus a peak of 25 funds at 2023 Q2 — just 52% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Fast accumulation — +62% more funds vs a year ago
fund count last 6Q
+5 new funds entered over the past year (+62% 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 buyers than sellers — 73% buying
8 buying3 selling
Last quarter: 8 funds were net buyers (4 opened a brand new position + 4 added to an existing one). Only 3 were sellers (2 trimmed + 1 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 1 → 4 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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69% of holders stayed for 2+ years
■ 69% conviction (2yr+)
■ 8% medium
■ 23% new
9 out of 13 hedge funds have held EFZ 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 — ~4 new funds/quarter
1 → 1 → 1 → 4 → 4 new funds/Q
New funds entering each quarter: 1 → 1 → 4 → 4. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 77% of holders stayed 2+ years
■ 77% veterans
■ 0% 1-2yr
■ 23% new
Of 13 current holders: 10 (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 — 61% AUM from top-100 funds
61% from top-100 AUM funds
6 of 13 holders are among the 100 largest funds by AUM, controlling 61% of total institutional value in EFZ. 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 1.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.