Based on 85 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added ESPO 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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High ownership — 86% of 3.0Y peak
86% of all-time peak
85 funds currently hold this stock — 86% of the 3.0-year high of 99 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Steady growth — +10% more funds vs a year ago
fund count last 6Q
+8 new funds entered over the past year (+10% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More sellers than buyers — 48% buying
30 buying32 selling
Last quarter: 32 funds reduced or exited vs 30 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~14 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 26 → 14 → 10 → 14. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
65% of holders stayed for 2+ years
■ 65% conviction (2yr+)
■ 16% medium
■ 19% new
55 out of 85 hedge funds have held ESPO 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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Peak discovery — momentum slowing
10 → 26 → 14 → 10 → 14 new funds/Q
New funds entering each quarter: 26 → 14 → 10 → 14. ESPO is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Veteran-anchored — 67% veterans vs 18% newcomers
■ 67% veterans
■ 15% 1-2yr
■ 18% new
Entry-cohort mix of 85 holders: 57 (67%) are 2+ year veterans, 13 entered 1–2 years ago, and 15 (18%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 55% AUM from top-100 funds
55% from top-100 AUM funds
16 of 85 holders are among the 100 largest funds by AUM, controlling 55% of total institutional value in ESPO. 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 2.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.