Based on 40 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds added ZSPC 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
40 hedge funds hold ZSPC 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 — +567% more funds vs a year ago
fund count last 6Q
+34 new funds entered over the past year (+567% 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 buyers than sellers — 71% buying
30 buying12 selling
Last quarter: 30 funds were net buyers (14 opened a brand new position + 16 added to an existing one). Only 12 were sellers (5 trimmed + 7 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~14 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 22 → 3 → 9 → 14. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 45% entered in last year
■ 2% conviction (2yr+)
■ 52% medium
■ 45% new
Only 1 funds (2%) 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 +192%, value +41%
Last quarter: funds added +192% more shares while total portfolio value only changed +41%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~14 new funds/quarter
6 → 22 → 3 → 9 → 14 new funds/Q
New funds entering each quarter: 22 → 3 → 9 → 14. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 95% of holders entered in last year
■ 5% veterans
■ 0% 1-2yr
■ 95% new
Of 40 current holders: 38 (95%) entered in the past year, only 2 (5%) 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.
🏆
Elite ownership — 68% AUM from top-100 funds
68% from top-100 AUM funds
17 of 40 holders are among the 100 largest funds by AUM, controlling 68% of total institutional value in ZSPC. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
5.8
out of 10
Moderate Exit Risk
Exit risk score 5.8/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.