Based on 88 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 LTPZ 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
88 hedge funds hold LTPZ 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 — +14% more funds vs a year ago
fund count last 6Q
+11 new funds entered over the past year (+14% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 58% buying
54 buying39 selling
Last quarter: 54 funds bought or added vs 39 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 (+9 vs last Q)
new funds entering per quarter
Funds opening a new LTPZ position: 14 → 11 → 14 → 23. 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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50% of holders stayed for 2+ years
■ 50% conviction (2yr+)
■ 22% medium
■ 28% new
44 out of 88 hedge funds have held LTPZ 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
21 → 14 → 11 → 14 → 23 new funds/Q
New funds entering each quarter: 14 → 11 → 14 → 23. A growing number of institutions are discovering LTPZ each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 59% of holders stayed 2+ years
■ 59% veterans
■ 10% 1-2yr
■ 32% new
Of 92 current holders: 54 (59%) 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 — 18% AUM from top-100
18% from top-100 AUM funds
12 of 88 holders rank in the top 100 by AUM, but together hold only 18% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.