Based on 207 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added ETD 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 — 92% of 3.0Y peak
92% of all-time peak
207 funds currently hold this stock — 92% of the 3.0-year high of 224 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding ETD is almost the same as a year ago (+3 funds, +1% change). No significant rush to buy or sell — institutional backing is holding steady.
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More buyers than sellers — 61% buying
124 buying79 selling
Last quarter: 124 funds were net buyers (38 opened a brand new position + 86 added to an existing one). Only 79 were sellers (49 trimmed + 30 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+14 vs last Q)
new funds entering per quarter
Funds opening a new ETD position: 33 → 36 → 24 → 38. 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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63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 19% medium
■ 17% new
131 out of 207 hedge funds have held ETD 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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Steady discovery — ~38 new funds/quarter
28 → 33 → 36 → 24 → 38 new funds/Q
New funds entering each quarter: 33 → 36 → 24 → 38. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 69% veterans vs 22% newcomers
■ 69% veterans
■ 8% 1-2yr
■ 22% new
Entry-cohort mix of 212 holders: 147 (69%) are 2+ year veterans, 18 entered 1–2 years ago, and 47 (22%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 45% AUM from top-100 funds
45% from top-100 AUM funds
41 of 206 holders are among the 100 largest funds by AUM, controlling 45% of total institutional value in ETD. 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 3.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.