Based on 78 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added EWM 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
78 hedge funds hold EWM 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 — +4% more funds vs a year ago
fund count last 6Q
+3 new funds entered over the past year (+4% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 64% buying
47 buying27 selling
Last quarter: 47 funds were net buyers (22 opened a brand new position + 25 added to an existing one). Only 27 were sellers (15 trimmed + 12 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+9 vs last Q)
new funds entering per quarter
Funds opening a new EWM position: 12 → 14 → 13 → 22. 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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59% of holders stayed for 2+ years
■ 59% conviction (2yr+)
■ 15% medium
■ 26% new
46 out of 78 hedge funds have held EWM 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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Growing discovery — still being found
14 → 12 → 14 → 13 → 22 new funds/Q
New funds entering each quarter: 12 → 14 → 13 → 22. A growing number of institutions are discovering EWM each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 64% of holders stayed 2+ years
■ 64% veterans
■ 5% 1-2yr
■ 31% new
Of 78 current holders: 50 (64%) 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
15 of 78 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 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.