Based on 90 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 HEZU 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 (99% of max)
99% of all-time peak
90 hedge funds hold HEZU 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 — +18% more funds vs a year ago
fund count last 6Q
+14 new funds entered over the past year (+18% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More sellers than buyers — 46% buying
40 buying47 selling
Last quarter: 47 funds reduced or exited vs 40 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.
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Steady new buyers — ~17 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 26 → 19 → 14 → 17. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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52% of holders stayed for 2+ years
■ 52% conviction (2yr+)
■ 26% medium
■ 22% new
47 out of 90 hedge funds have held HEZU 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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Peak discovery — momentum slowing
9 → 26 → 19 → 14 → 17 new funds/Q
New funds entering each quarter: 26 → 19 → 14 → 17. HEZU is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Deep conviction — 58% of holders stayed 2+ years
■ 58% veterans
■ 11% 1-2yr
■ 31% new
Of 90 current holders: 52 (58%) 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 — 78% AUM from top-100 funds
78% from top-100 AUM funds
17 of 90 holders are among the 100 largest funds by AUM, controlling 78% of total institutional value in HEZU. 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 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.