Based on 74 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 ZOCT 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 (97% of max)
97% of all-time peak
74 hedge funds hold ZOCT 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
+27 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. The peak was reached in just 4 quarters from the low — a sharp move.
🔴
Heavy selling pressure — only 30% buying
14 buying33 selling
Last quarter: 33 funds sold vs only 14 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-24 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 7 → 8 → 30 → 6. 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 — 47% entered in last year
■ 0% conviction (2yr+)
■ 53% medium
■ 47% 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.
➡️
Steady discovery — ~6 new funds/quarter
6 → 7 → 8 → 30 → 6 new funds/Q
New funds entering each quarter: 7 → 8 → 30 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 0% veterans, 54% new entrants
■ 0% veterans
■ 46% 1-2yr
■ 54% new
Of 74 current holders: 0 (0%) held 2+ years, 34 held 1–2 years, 40 (54%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
📋
Smaller funds dominant — 4% AUM from top-100
4% from top-100 AUM funds
6 of 74 holders rank in the top 100 by AUM, but together hold only 4% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
6.1
out of 10
Moderate Exit Risk
Exit risk score 6.1/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.