Based on 42 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 6 quarters in a row
For 6 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
42 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 — +62% more funds vs a year ago
fund count last 6Q
+16 new funds entered over the past year (+62% 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 — 70% buying
30 buying13 selling
Last quarter: 30 funds were net buyers (11 opened a brand new position + 19 added to an existing one). Only 13 were sellers (4 trimmed + 9 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~11 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 9 → 14 → 11. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 52% entered in last year
■ 2% conviction (2yr+)
■ 45% medium
■ 52% 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 +103%, value -51%
Last quarter: funds added +103% more shares while total portfolio value only changed -51%. 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
22 → 3 → 9 → 14 → 11 new funds/Q
New funds entering each quarter: 3 → 9 → 14 → 11. A growing number of institutions are discovering ZSPC each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🌱
Early stage — 83% of holders entered in last year
■ 5% veterans
■ 12% 1-2yr
■ 83% new
Of 42 current holders: 35 (83%) 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.
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Elite ownership — 75% AUM from top-100 funds
75% from top-100 AUM funds
19 of 42 holders are among the 100 largest funds by AUM, controlling 75% 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.
5.2
out of 10
Moderate Exit Risk
Exit risk score 5.2/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.