Based on 367 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 ESE 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
367 hedge funds hold ESE 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 — +41% more funds vs a year ago
fund count last 6Q
+107 new funds entered over the past year (+41% 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 — 56% buying
202 buying161 selling
Last quarter: 202 funds bought or added vs 161 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 (+31 vs last Q)
new funds entering per quarter
Funds opening a new ESE position: 71 → 63 → 42 → 73. 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+)
■ 24% medium
■ 22% new
196 out of 367 hedge funds have held ESE 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 -6%
Last quarter: funds added +10% more shares while total portfolio value only changed -6%. 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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Steady discovery — ~73 new funds/quarter
33 → 71 → 63 → 42 → 73 new funds/Q
New funds entering each quarter: 71 → 63 → 42 → 73. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 62% of holders stayed 2+ years
■ 62% veterans
■ 12% 1-2yr
■ 26% new
Of 368 current holders: 230 (62%) 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 — 47% AUM from top-100 funds
47% from top-100 AUM funds
44 of 367 holders are among the 100 largest funds by AUM, controlling 47% of total institutional value in ESE. 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.