Based on 158 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added EU 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
158 hedge funds hold EU 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.
🚀
Fast accumulation — +26% more funds vs a year ago
fund count last 6Q
+33 new funds entered over the past year (+26% 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.
🟡
Slight buying edge — 54% buying
92 buying77 selling
Last quarter: 92 funds bought or added vs 77 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.
➡️
Steady new buyers — ~35 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 21 → 27 → 35 → 35. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 34% long-term, 35% new
■ 34% conviction (2yr+)
■ 31% medium
■ 35% new
Of the 158 current holders: 54 (34%) held >2 years, 49 held 1–2 years, and 55 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💎
Buying through price weakness — shares -4%, value -39%
Last quarter: funds added -4% more shares while total portfolio value only changed -39%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
19 → 21 → 27 → 35 → 35 new funds/Q
New funds entering each quarter: 21 → 27 → 35 → 35. A growing number of institutions are discovering EU each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 43% veterans vs 38% newcomers
■ 43% veterans
■ 20% 1-2yr
■ 38% new
Entry-cohort mix of 167 holders: 71 (43%) are 2+ year veterans, 33 entered 1–2 years ago, and 63 (38%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 31% AUM from major funds
31% from top-100 AUM funds
39 of 155 holders rank in the top 100 by AUM, accounting for 31% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.3
out of 10
Moderate Exit Risk
Exit risk score 4.3/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.