Based on 119 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their EWCZ positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 94% of 3.0Y peak
94% of all-time peak
119 funds currently hold this stock — 94% of the 3.0-year high of 126 funds (reached 2024 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding EWCZ is almost the same as a year ago (-1 funds, -1% change). No significant rush to buy or sell — institutional backing is holding steady.
🟠
More sellers than buyers — 45% buying
54 buying67 selling
Last quarter: 67 funds reduced or exited vs 54 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️
Fewer new buyers each quarter (-9 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 14 → 32 → 23 → 14. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
45% of holders stayed for 2+ years
■ 45% conviction (2yr+)
■ 27% medium
■ 28% new
54 out of 119 hedge funds have held EWCZ 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.
📊
Peak discovery — momentum slowing
24 → 14 → 32 → 23 → 14 new funds/Q
New funds entering each quarter: 14 → 32 → 23 → 14. EWCZ is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Deep conviction — 50% of holders stayed 2+ years
■ 50% veterans
■ 13% 1-2yr
■ 37% new
Of 119 current holders: 59 (50%) 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 — 24% AUM from major funds
24% from top-100 AUM funds
27 of 119 holders rank in the top 100 by AUM, accounting for 24% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.