Based on 27 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their EPRF positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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High ownership — 71% of 3.0Y peak
71% of all-time peak
27 funds currently hold this stock — 71% of the 3.0-year high of 38 funds (reached 2023 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 23% fewer funds vs a year ago
fund count last 6Q
8 fewer hedge funds hold EPRF compared to a year ago (-23% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 57% buying
16 buying12 selling
Last quarter: 16 funds bought or added vs 12 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.
➡️
Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 4 → 1 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 19% medium
■ 19% new
17 out of 27 hedge funds have held EPRF 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.
⚠️
Saturation — most institutions already know this story
2 → 5 → 4 → 1 → 4 new funds/Q
New funds entering each quarter: 5 → 4 → 1 → 4. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
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Veteran-anchored — 63% veterans vs 15% newcomers
■ 63% veterans
■ 22% 1-2yr
■ 15% new
Entry-cohort mix of 27 holders: 17 (63%) are 2+ year veterans, 6 entered 1–2 years ago, and 4 (15%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 72% AUM from top-100 funds
72% from top-100 AUM funds
6 of 27 holders are among the 100 largest funds by AUM, controlling 72% of total institutional value in EPRF. 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 2.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.