Based on 161 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added EC 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
161 hedge funds hold EC 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 — +25% more funds vs a year ago
fund count last 6Q
+32 new funds entered over the past year (+25% 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 — 61% buying
98 buying63 selling
Last quarter: 98 funds were net buyers (45 opened a brand new position + 53 added to an existing one). Only 63 were sellers (41 trimmed + 22 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+26 vs last Q)
new funds entering per quarter
Funds opening a new EC position: 30 → 24 → 19 → 45. 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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52% of holders stayed for 2+ years
■ 52% conviction (2yr+)
■ 22% medium
■ 26% new
84 out of 161 hedge funds have held EC 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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Value +81% but shares only +23% — price-driven
Last quarter: the total dollar value of institutional holdings rose +81%, but actual share count only changed +23%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Growing discovery — still being found
31 → 30 → 24 → 19 → 45 new funds/Q
New funds entering each quarter: 30 → 24 → 19 → 45. A growing number of institutions are discovering EC each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 62% veterans vs 28% newcomers
■ 62% veterans
■ 10% 1-2yr
■ 28% new
Entry-cohort mix of 173 holders: 108 (62%) are 2+ year veterans, 17 entered 1–2 years ago, and 48 (28%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 35% AUM from major funds
35% from top-100 AUM funds
31 of 161 holders rank in the top 100 by AUM, accounting for 35% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.