Based on 2 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their ZENV positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 12% of 3.0Y high
12% of all-time peak
Only 2 funds hold ZENV today versus a peak of 17 funds at 2025 Q1 — just 12% 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.
📉
Outflows — 88% fewer funds vs a year ago
fund count last 6Q
15 fewer hedge funds hold ZENV compared to a year ago (-88% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 9% buying
1 buying10 selling
Last quarter: 10 funds sold vs only 1 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 0 → 2 → 3 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
50% of holders stayed for 2+ years
■ 50% conviction (2yr+)
■ 0% medium
■ 50% new
1 out of 2 hedge funds have held ZENV 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.
➡️
Steady discovery — ~1 new funds/quarter
6 → 0 → 2 → 3 → 1 new funds/Q
New funds entering each quarter: 0 → 2 → 3 → 1. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 50% of holders stayed 2+ years
■ 50% veterans
■ 0% 1-2yr
■ 50% new
Of 2 current holders: 1 (50%) 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.
📋
Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
0 of 2 holders rank in the top 100 by AUM, but together hold only 0% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.