Based on 46 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their ZH 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 — 77% of 3.0Y peak
77% of all-time peak
46 funds currently hold this stock — 77% of the 3.0-year high of 60 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 15% fewer funds vs a year ago
fund count last 6Q
8 fewer hedge funds hold ZH compared to a year ago (-15% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 51% buying
26 buying25 selling
Last quarter: 26 funds bought or added vs 25 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 — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 14 → 8 → 7 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 26% entered in last year
■ 11% conviction (2yr+)
■ 63% medium
■ 26% new
Only 5 funds (11%) 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.
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Buying through price weakness — shares -3%, value -38%
Last quarter: funds added -3% more shares while total portfolio value only changed -38%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Peak discovery — momentum slowing
13 → 14 → 8 → 7 → 7 new funds/Q
New funds entering each quarter: 14 → 8 → 7 → 7. ZH is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Mixed cohorts — 4% veterans, 35% new entrants
■ 4% veterans
■ 60% 1-2yr
■ 35% new
Of 48 current holders: 2 (4%) held 2+ years, 29 held 1–2 years, 17 (35%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 58% AUM from top-100 funds
58% from top-100 AUM funds
19 of 46 holders are among the 100 largest funds by AUM, controlling 58% of total institutional value in ZH. 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 2.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.