Based on 42 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 KZR 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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Below peak — only 33% of 3.0Y high
33% of all-time peak
Only 42 funds hold KZR today versus a peak of 128 funds at 2023 Q1 — just 33% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding KZR is almost the same as a year ago (+1 funds, +2% change). No significant rush to buy or sell — institutional backing is holding steady.
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More sellers than buyers — 48% buying
21 buying23 selling
Last quarter: 23 funds reduced or exited vs 21 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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More new buyers each quarter (+9 vs last Q)
new funds entering per quarter
Funds opening a new KZR position: 5 → 1 → 3 → 12. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 21% medium
■ 19% new
25 out of 42 hedge funds have held KZR 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 +9%, value -99%
Last quarter: funds added +9% more shares while total portfolio value only changed -99%. 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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Growing discovery — still being found
4 → 5 → 1 → 3 → 12 new funds/Q
New funds entering each quarter: 5 → 1 → 3 → 12. A growing number of institutions are discovering KZR each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 67% of holders stayed 2+ years
■ 67% veterans
■ 14% 1-2yr
■ 19% new
Of 42 current holders: 28 (67%) 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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Smaller funds dominant — 11% AUM from top-100
11% from top-100 AUM funds
13 of 42 holders rank in the top 100 by AUM, but together hold only 11% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 1.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.