Based on 169 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 11 quarters in a row
For 11 consecutive quarters, more hedge funds added EQWL 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
169 hedge funds hold EQWL 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 — +48% more funds vs a year ago
fund count last 6Q
+55 new funds entered over the past year (+48% 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 — 72% buying
112 buying44 selling
Last quarter: 112 funds were net buyers (31 opened a brand new position + 81 added to an existing one). Only 44 were sellers (29 trimmed + 15 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~31 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 16 → 29 → 26 → 31. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mixed — 35% long-term, 33% new
■ 35% conviction (2yr+)
■ 32% medium
■ 33% new
Of the 169 current holders: 59 (35%) held >2 years, 54 held 1–2 years, and 56 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.
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Growing discovery — still being found
20 → 16 → 29 → 26 → 31 new funds/Q
New funds entering each quarter: 16 → 29 → 26 → 31. A growing number of institutions are discovering EQWL each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Mixed cohorts — 34% veterans, 46% new entrants
■ 34% veterans
■ 21% 1-2yr
■ 46% new
Of 169 current holders: 57 (34%) held 2+ years, 35 held 1–2 years, 77 (46%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 42% AUM from top-100 funds
42% from top-100 AUM funds
15 of 169 holders are among the 100 largest funds by AUM, controlling 42% of total institutional value in EQWL. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.4
out of 10
Moderate Exit Risk
Exit risk score 4.4/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.