Based on 202 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added EPP 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
202 hedge funds hold EPP 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 — +18% more funds vs a year ago
fund count last 6Q
+31 new funds entered over the past year (+18% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 61% buying
100 buying64 selling
Last quarter: 100 funds were net buyers (37 opened a brand new position + 63 added to an existing one). Only 64 were sellers (40 trimmed + 24 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~37 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 22 → 25 → 32 → 37. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 13% medium
■ 20% new
135 out of 202 hedge funds have held EPP 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
13 → 22 → 25 → 32 → 37 new funds/Q
New funds entering each quarter: 22 → 25 → 32 → 37. A growing number of institutions are discovering EPP each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 67% veterans vs 20% newcomers
■ 67% veterans
■ 12% 1-2yr
■ 20% new
Entry-cohort mix of 202 holders: 136 (67%) are 2+ year veterans, 25 entered 1–2 years ago, and 41 (20%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 71% AUM from top-100 funds
71% from top-100 AUM funds
30 of 202 holders are among the 100 largest funds by AUM, controlling 71% of total institutional value in EPP. 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.