Based on 15 hedge funds · latest filing: 2026 Q2 · updated quarterly
➡️
No change last quarter
The number of hedge funds holding this stock didn't change last quarter. Neither a buying nor selling signal on its own — watch the next quarter for direction.
🔻
Below peak — only 68% of 3.0Y high
68% of all-time peak
Only 15 funds hold ZSL today versus a peak of 22 funds at 2025 Q4 — just 68% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
🚀
Fast accumulation — +50% more funds vs a year ago
fund count last 6Q
+5 new funds entered over the past year (+50% 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 1 quarters from the low — a sharp move.
🟡
Slight buying edge — 56% buying
10 buying8 selling
Last quarter: 10 funds bought or added vs 8 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️
Steady new buyers — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 15 → 7 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 7% medium
■ 40% new
8 out of 15 hedge funds have held ZSL 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.
💰
Price up while funds trimmed (+36% value, -3% shares)
Last quarter: total value of institutional ZSL holdings rose +36% even though funds reduced share count by 3%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
⚠️
Saturation — most institutions already know this story
2 → 2 → 15 → 7 → 2 new funds/Q
New funds entering each quarter: 2 → 15 → 7 → 2. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
🏛️
Veteran-anchored — 70% veterans vs 25% newcomers
■ 70% veterans
■ 5% 1-2yr
■ 25% new
Entry-cohort mix of 20 holders: 14 (70%) are 2+ year veterans, 1 entered 1–2 years ago, and 5 (25%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 26% AUM from major funds
26% from top-100 AUM funds
5 of 14 holders rank in the top 100 by AUM, accounting for 26% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.