Based on 22 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added ZSL 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.
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At the ownership peak (100% of max)
100% of all-time peak
22 hedge funds hold ZSL 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.
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Fast accumulation — +120% more funds vs a year ago
fund count last 6Q
+12 new funds entered over the past year (+120% 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.
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More buyers than sellers — 83% buying
20 buying4 selling
Last quarter: 20 funds were net buyers (15 opened a brand new position + 5 added to an existing one). Only 4 were sellers (2 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+13 vs last Q)
new funds entering per quarter
Funds opening a new ZSL position: 5 → 2 → 2 → 15. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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Buying through price weakness — shares +2703%, value +874%
Last quarter: funds added +2703% more shares while total portfolio value only changed +874%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
1 → 5 → 2 → 2 → 15 new funds/Q
New funds entering each quarter: 5 → 2 → 2 → 15. A growing number of institutions are discovering ZSL each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.