Based on 416 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added ZWS 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.
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At the ownership peak (100% of max)
100% of all-time peak
416 hedge funds hold ZWS 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.
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Fast accumulation — +22% more funds vs a year ago
fund count last 6Q
+74 new funds entered over the past year (+22% 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.
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Slight buying edge — 55% buying
222 buying182 selling
Last quarter: 222 funds bought or added vs 182 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.
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More new buyers each quarter (+12 vs last Q)
new funds entering per quarter
Funds opening a new ZWS position: 39 → 77 → 63 → 75. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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45% of holders stayed for 2+ years
■ 45% conviction (2yr+)
■ 31% medium
■ 24% new
189 out of 416 hedge funds have held ZWS 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.
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Growing discovery — still being found
60 → 39 → 77 → 63 → 75 new funds/Q
New funds entering each quarter: 39 → 77 → 63 → 75. A growing number of institutions are discovering ZWS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 54% veterans vs 28% newcomers
■ 54% veterans
■ 18% 1-2yr
■ 28% new
Entry-cohort mix of 416 holders: 223 (54%) are 2+ year veterans, 76 entered 1–2 years ago, and 117 (28%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 40% AUM from top-100 funds
40% from top-100 AUM funds
58 of 416 holders are among the 100 largest funds by AUM, controlling 40% of total institutional value in ZWS. 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 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.