Based on 93 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 8 quarters in a row
For 8 consecutive quarters, more hedge funds added CZNC 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
93 hedge funds hold CZNC 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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Steady growth — +19% more funds vs a year ago
fund count last 6Q
+15 new funds entered over the past year (+19% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 56% buying
49 buying38 selling
Last quarter: 49 funds bought or added vs 38 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.
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Steady new buyers — ~13 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 8 → 13 → 12 → 13. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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56% of holders stayed for 2+ years
■ 56% conviction (2yr+)
■ 20% medium
■ 24% new
52 out of 93 hedge funds have held CZNC 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.
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Growing discovery — still being found
12 → 8 → 13 → 12 → 13 new funds/Q
New funds entering each quarter: 8 → 13 → 12 → 13. A growing number of institutions are discovering CZNC each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 59% veterans vs 31% newcomers
■ 59% veterans
■ 10% 1-2yr
■ 31% new
Entry-cohort mix of 93 holders: 55 (59%) are 2+ year veterans, 9 entered 1–2 years ago, and 29 (31%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 62% AUM from top-100 funds
62% from top-100 AUM funds
31 of 92 holders are among the 100 largest funds by AUM, controlling 62% of total institutional value in CZNC. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.