Based on 34 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds reduced or closed their ARTV positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 60% of 3.0Y high
60% of all-time peak
Only 34 funds hold ARTV today versus a peak of 57 funds at 2024 Q4 — just 60% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 40% fewer funds vs a year ago
fund count last 6Q
23 fewer hedge funds hold ARTV compared to a year ago (-40% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 28% buying
10 buying26 selling
Last quarter: 26 funds sold vs only 10 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 12 → 5 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 29% entered in last year
■ 9% conviction (2yr+)
■ 62% medium
■ 29% new
Only 3 funds (9%) 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.
💰
Price up while funds trimmed (+40% value, -7% shares)
Last quarter: total value of institutional ARTV holdings rose +40% 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
10 → 3 → 12 → 5 → 6 new funds/Q
New funds entering each quarter: 3 → 12 → 5 → 6. ARTV is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
📊
Mixed cohorts — 9% veterans, 29% new entrants
■ 9% veterans
■ 62% 1-2yr
■ 29% new
Of 34 current holders: 3 (9%) held 2+ years, 21 held 1–2 years, 10 (29%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
📋
Smaller funds dominant — 7% AUM from top-100
7% from top-100 AUM funds
13 of 34 holders rank in the top 100 by AUM, but together hold only 7% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.