Based on 12 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds reduced or closed their HRTS 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 52% of 2.5Y high
52% of all-time peak
Only 12 funds hold HRTS today versus a peak of 23 funds at 2025 Q1 — just 52% 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.
📉
Outflows — 48% fewer funds vs a year ago
fund count last 6Q
11 fewer hedge funds hold HRTS compared to a year ago (-48% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 44% buying
7 buying9 selling
Last quarter: 9 funds reduced or exited vs 7 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.
➡️
Steady new buyers — ~5 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 1 → 5 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 25% long-term, 25% new
■ 25% conviction (2yr+)
■ 50% medium
■ 25% new
Of the 12 current holders: 3 (25%) held >2 years, 6 held 1–2 years, and 3 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.
➡️
Steady discovery — ~5 new funds/quarter
7 → 3 → 1 → 5 → 5 new funds/Q
New funds entering each quarter: 3 → 1 → 5 → 5. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 0% veterans, 33% new entrants
■ 0% veterans
■ 67% 1-2yr
■ 33% new
Of 12 current holders: 0 (0%) held 2+ years, 8 held 1–2 years, 4 (33%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 29% AUM from major funds
29% from top-100 AUM funds
5 of 12 holders rank in the top 100 by AUM, accounting for 29% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 1.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.