Based on 131 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 ZIP positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 88% of 3.0Y peak
88% of all-time peak
131 funds currently hold this stock — 88% of the 3.0-year high of 149 funds (reached 2024 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 10% fewer funds vs a year ago
fund count last 6Q
15 fewer hedge funds hold ZIP compared to a year ago (-10% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 46% buying
73 buying84 selling
Last quarter: 84 funds reduced or exited vs 73 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 — ~31 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 19 → 37 → 28 → 31. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
55% of holders stayed for 2+ years
■ 55% conviction (2yr+)
■ 19% medium
■ 26% new
72 out of 131 hedge funds have held ZIP 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.
💎
Buying through price weakness — shares -3%, value -57%
Last quarter: funds added -3% more shares while total portfolio value only changed -57%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~31 new funds/quarter
28 → 19 → 37 → 28 → 31 new funds/Q
New funds entering each quarter: 19 → 37 → 28 → 31. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 61% veterans vs 26% newcomers
■ 61% veterans
■ 14% 1-2yr
■ 26% new
Entry-cohort mix of 133 holders: 81 (61%) are 2+ year veterans, 18 entered 1–2 years ago, and 34 (26%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 25% AUM from major funds
25% from top-100 AUM funds
34 of 129 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 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.