Based on 363 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added ENVA 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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At the ownership peak (100% of max)
100% of all-time peak
363 hedge funds hold ENVA 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 — +27% more funds vs a year ago
fund count last 6Q
+78 new funds entered over the past year (+27% 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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Slight buying edge — 55% buying
199 buying165 selling
Last quarter: 199 funds bought or added vs 165 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
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More new buyers each quarter (+35 vs last Q)
new funds entering per quarter
Funds opening a new ENVA position: 53 → 48 → 45 → 80. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 21% medium
■ 26% new
194 out of 363 hedge funds have held ENVA 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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Value +43% but shares only +3% — price-driven
Last quarter: the total dollar value of institutional holdings rose +43%, but actual share count only changed +3%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Growing discovery — still being found
45 → 53 → 48 → 45 → 80 new funds/Q
New funds entering each quarter: 53 → 48 → 45 → 80. A growing number of institutions are discovering ENVA each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 58% of holders stayed 2+ years
■ 58% veterans
■ 10% 1-2yr
■ 32% new
Of 367 current holders: 214 (58%) 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 — 49% AUM from top-100 funds
49% from top-100 AUM funds
42 of 363 holders are among the 100 largest funds by AUM, controlling 49% of total institutional value in ENVA. 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.