Based on 72 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 LZM 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
72 hedge funds hold LZM 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 — +12% more funds vs a year ago
fund count last 6Q
+8 new funds entered over the past year (+12% 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 — 49% buying
35 buying36 selling
Last quarter: 36 funds reduced or exited vs 35 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.
➡️
Steady new buyers — ~12 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 11 → 13 → 15 → 12. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 25% entered in last year
■ 21% conviction (2yr+)
■ 54% medium
■ 25% new
Only 15 funds (21%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Buying through price weakness — shares +34%, value +5%
Last quarter: funds added +34% more shares while total portfolio value only changed +5%. 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
12 → 11 → 13 → 15 → 12 new funds/Q
New funds entering each quarter: 11 → 13 → 15 → 12. A growing number of institutions are discovering LZM each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Mixed cohorts — 15% veterans, 36% new entrants
■ 15% veterans
■ 49% 1-2yr
■ 36% new
Of 72 current holders: 11 (15%) held 2+ years, 35 held 1–2 years, 26 (36%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 25% AUM from major funds
25% from top-100 AUM funds
23 of 72 holders rank in the top 100 by AUM, accounting for 25% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.