Based on 18 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 ZKH positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (95% of max)
95% of all-time peak
18 hedge funds hold ZKH 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.
🚀
Fast accumulation — +29% more funds vs a year ago
fund count last 6Q
+4 new funds entered over the past year (+29% 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.
🔴
Heavy selling pressure — only 38% buying
6 buying10 selling
Last quarter: 10 funds sold vs only 6 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 2 → 8 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 44% entered in last year
■ 17% conviction (2yr+)
■ 39% medium
■ 44% new
Only 3 funds (17%) 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 +2%, value -18%
Last quarter: funds added +2% more shares while total portfolio value only changed -18%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~3 new funds/quarter
2 → 2 → 2 → 8 → 3 new funds/Q
New funds entering each quarter: 2 → 2 → 8 → 3. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 17% veterans, 39% new entrants
■ 17% veterans
■ 44% 1-2yr
■ 39% new
Of 18 current holders: 3 (17%) held 2+ years, 8 held 1–2 years, 7 (39%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 88% AUM from top-100 funds
88% from top-100 AUM funds
9 of 18 holders are among the 100 largest funds by AUM, controlling 88% of total institutional value in ZKH. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
5.3
out of 10
Moderate Exit Risk
Exit risk score 5.3/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.