Based on 165 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 EOLS 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 (96% of max)
96% of all-time peak
165 hedge funds hold EOLS 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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Steady growth — +6% more funds vs a year ago
fund count last 6Q
+9 new funds entered over the past year (+6% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 56% buying
96 buying76 selling
Last quarter: 96 funds bought or added vs 76 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 (+21 vs last Q)
new funds entering per quarter
Funds opening a new EOLS position: 30 → 29 → 22 → 43. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
56% of holders stayed for 2+ years
■ 56% conviction (2yr+)
■ 20% medium
■ 24% new
93 out of 165 hedge funds have held EOLS 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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Buying through price weakness — shares -10%, value -97%
Last quarter: funds added -10% more shares while total portfolio value only changed -97%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
24 → 30 → 29 → 22 → 43 new funds/Q
New funds entering each quarter: 30 → 29 → 22 → 43. A growing number of institutions are discovering EOLS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 65% of holders stayed 2+ years
■ 65% veterans
■ 12% 1-2yr
■ 23% new
Of 169 current holders: 110 (65%) 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 — 23% AUM from major funds
23% from top-100 AUM funds
27 of 165 holders rank in the top 100 by AUM, accounting for 23% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.