Based on 119 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their EWCZ positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 93% of 3.0Y peak
93% of all-time peak
119 funds currently hold this stock — 93% of the 3.0-year high of 128 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +10% more funds vs a year ago
fund count last 6Q
+11 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.
🟠
More sellers than buyers — 44% buying
60 buying77 selling
Last quarter: 77 funds reduced or exited vs 60 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.
📈
More new buyers each quarter (+15 vs last Q)
new funds entering per quarter
Funds opening a new EWCZ position: 32 → 25 → 16 → 31. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
📌
Mixed — 34% long-term, 31% new
■ 34% conviction (2yr+)
■ 34% medium
■ 31% new
Of the 119 current holders: 41 (34%) held >2 years, 41 held 1–2 years, and 37 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.
💰
Price up while funds trimmed (+44% value, -7% shares)
Last quarter: total value of institutional EWCZ holdings rose +44% even though funds reduced share count by 7%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
📊
Peak discovery — momentum slowing
14 → 32 → 25 → 16 → 31 new funds/Q
New funds entering each quarter: 32 → 25 → 16 → 31. EWCZ is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 41% veterans vs 41% newcomers
■ 41% veterans
■ 18% 1-2yr
■ 41% new
Entry-cohort mix of 120 holders: 49 (41%) are 2+ year veterans, 22 entered 1–2 years ago, and 49 (41%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 23% AUM from major funds
23% from top-100 AUM funds
33 of 119 holders rank in the top 100 by AUM, accounting for 23% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.