Based on 73 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their ZAUG positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (99% of max)
99% of all-time peak
73 hedge funds hold ZAUG right now — the highest count in 2.0 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 — +66% more funds vs a year ago
fund count last 6Q
+29 new funds entered over the past year (+66% 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. The peak was reached in just 4 quarters from the low — a sharp move.
🔴
Heavy selling pressure — only 30% buying
16 buying38 selling
Last quarter: 38 funds sold vs only 16 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~10 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 36 → 8 → 14 → 10. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 22% entered in last year
■ 0% conviction (2yr+)
■ 78% medium
■ 22% new
Only 0 funds (0%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
⚠️
Saturation — most institutions already know this story
3 → 36 → 8 → 14 → 10 new funds/Q
New funds entering each quarter: 36 → 8 → 14 → 10. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
📊
Mixed cohorts — 0% veterans, 52% new entrants
■ 0% veterans
■ 48% 1-2yr
■ 52% new
Of 73 current holders: 0 (0%) held 2+ years, 35 held 1–2 years, 38 (52%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
📋
Smaller funds dominant — 2% AUM from top-100
2% from top-100 AUM funds
5 of 73 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.
4.8
out of 10
Moderate Exit Risk
Exit risk score 4.8/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.