Based on 148 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 8 quarters in a row
For 8 consecutive quarters, more hedge funds added EIS 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
148 hedge funds hold EIS 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.
🚀
Fast accumulation — +72% more funds vs a year ago
fund count last 6Q
+62 new funds entered over the past year (+72% 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 — 71% buying
85 buying35 selling
Last quarter: 85 funds were net buyers (40 opened a brand new position + 45 added to an existing one). Only 35 were sellers (21 trimmed + 14 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+14 vs last Q)
new funds entering per quarter
Funds opening a new EIS position: 28 → 17 → 26 → 40. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
📌
Mixed — 39% long-term, 34% new
■ 39% conviction (2yr+)
■ 27% medium
■ 34% new
Of the 148 current holders: 58 (39%) held >2 years, 40 held 1–2 years, and 50 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.
📈
Growing discovery — still being found
24 → 28 → 17 → 26 → 40 new funds/Q
New funds entering each quarter: 28 → 17 → 26 → 40. A growing number of institutions are discovering EIS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 47% of holders stayed 2+ years
■ 47% veterans
■ 10% 1-2yr
■ 43% new
Of 148 current holders: 69 (47%) 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.
✅
Strong quality — 37% AUM from major funds
37% from top-100 AUM funds
17 of 148 holders rank in the top 100 by AUM, accounting for 37% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.6
out of 10
Moderate Exit Risk
Exit risk score 4.6/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.