Based on 28 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added ZEO 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
28 hedge funds hold ZEO right now — the highest count in 2.0 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.
🚀
Fast accumulation — +300% more funds vs a year ago
fund count last 6Q
+21 new funds entered over the past year (+300% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 63% buying
12 buying7 selling
Last quarter: 12 funds were net buyers (5 opened a brand new position + 7 added to an existing one). Only 7 were sellers (3 trimmed + 4 sold completely). A clear majority buying is a strong confirmation signal.
⚠️
Fewer new buyers each quarter (-16 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 4 → 3 → 21 → 5. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔄
Mostly new holders — 75% entered in last year
■ 0% conviction (2yr+)
■ 25% medium
■ 75% new
Only 0 funds (0%) 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.
💎
Buying through price weakness — shares +20%, value -19%
Last quarter: funds added +20% more shares while total portfolio value only changed -19%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~5 new funds/quarter
4 → 4 → 3 → 21 → 5 new funds/Q
New funds entering each quarter: 4 → 3 → 21 → 5. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 82% of holders entered in last year
■ 0% veterans
■ 18% 1-2yr
■ 82% new
Of 28 current holders: 23 (82%) entered in the past year, only 0 (0%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
📋
Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
8 of 28 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.
6.9
out of 10
Moderate Exit Risk
Exit risk score 6.9/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.