Based on 84 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their EVCM positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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High ownership — 84% of 3.0Y peak
84% of all-time peak
84 funds currently hold this stock — 84% of the 3.0-year high of 100 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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Outflows — 14% fewer funds vs a year ago
fund count last 6Q
14 fewer hedge funds hold EVCM compared to a year ago (-14% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 45% buying
35 buying43 selling
Last quarter: 43 funds reduced or exited vs 35 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.
⚠️
Fewer new buyers each quarter (-6 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 18 → 10 → 18 → 12. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
54% of holders stayed for 2+ years
■ 54% conviction (2yr+)
■ 25% medium
■ 21% new
45 out of 84 hedge funds have held EVCM 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.
➡️
Steady discovery — ~12 new funds/quarter
19 → 18 → 10 → 18 → 12 new funds/Q
New funds entering each quarter: 18 → 10 → 18 → 12. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 54% veterans vs 29% newcomers
■ 54% veterans
■ 18% 1-2yr
■ 29% new
Entry-cohort mix of 84 holders: 45 (54%) are 2+ year veterans, 15 entered 1–2 years ago, and 24 (29%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 2% AUM from top-100
2% from top-100 AUM funds
28 of 84 holders rank in the top 100 by AUM, but together hold only 2% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.