Based on 442 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds reduced or closed their ENPH positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 54% of 3.0Y high
54% of all-time peak
Only 442 funds hold ENPH today versus a peak of 813 funds at 2023 Q1 — just 54% 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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Outflows — 24% fewer funds vs a year ago
fund count last 6Q
139 fewer hedge funds hold ENPH compared to a year ago (-24% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 47% buying
241 buying272 selling
Last quarter: 272 funds reduced or exited vs 241 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.
📈
More new buyers each quarter (+9 vs last Q)
new funds entering per quarter
Funds opening a new ENPH position: 87 → 82 → 74 → 83. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 17% medium
■ 16% new
295 out of 442 hedge funds have held ENPH 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.
➡️
Steady discovery — ~83 new funds/quarter
72 → 87 → 82 → 74 → 83 new funds/Q
New funds entering each quarter: 87 → 82 → 74 → 83. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 74% of holders stayed 2+ years
■ 74% veterans
■ 7% 1-2yr
■ 19% new
Of 505 current holders: 373 (74%) 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 — 33% AUM from major funds
33% from top-100 AUM funds
40 of 442 holders rank in the top 100 by AUM, accounting for 33% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 1.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.