Based on 63 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds added ZJAN 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
63 hedge funds hold ZJAN right now — the highest count in 1.5 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 — +57% more funds vs a year ago
fund count last 6Q
+23 new funds entered over the past year (+57% 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 sellers than buyers — 42% buying
16 buying22 selling
Last quarter: 22 funds reduced or exited vs 16 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.
⚠️
Fewer new buyers each quarter (-16 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 4 → 6 → 23 → 7. 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 — 46% entered in last year
■ 0% conviction (2yr+)
■ 54% medium
■ 46% 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.
💰
Price up while funds trimmed (+19% value, -2% shares)
Last quarter: total value of institutional ZJAN holdings rose +19% even though funds reduced share count by 2%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
➡️
Steady discovery — ~7 new funds/quarter
13 → 4 → 6 → 23 → 7 new funds/Q
New funds entering each quarter: 4 → 6 → 23 → 7. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 60% of holders entered in last year
■ 0% veterans
■ 40% 1-2yr
■ 60% new
Of 63 current holders: 38 (60%) 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 — 7% AUM from top-100
7% from top-100 AUM funds
4 of 63 holders rank in the top 100 by AUM, but together hold only 7% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
5.5
out of 10
Moderate Exit Risk
Exit risk score 5.5/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.