Based on 48 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 QTTB 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 55% of 3.0Y high
55% of all-time peak
Only 48 funds hold QTTB today versus a peak of 88 funds at 2024 Q4 — just 55% 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 — 45% fewer funds vs a year ago
fund count last 6Q
40 fewer hedge funds hold QTTB compared to a year ago (-45% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 38% buying
16 buying26 selling
Last quarter: 26 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 — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 10 → 11 → 7 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 21% entered in last year
■ 6% conviction (2yr+)
■ 73% medium
■ 21% new
Only 3 funds (6%) 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 (+61% value, -4% shares)
Last quarter: total value of institutional QTTB holdings rose +61% even though funds reduced share count by 4%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
📊
Peak discovery — momentum slowing
38 → 10 → 11 → 7 → 7 new funds/Q
New funds entering each quarter: 10 → 11 → 7 → 7. QTTB 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, 31% new entrants
■ 4% veterans
■ 65% 1-2yr
■ 31% new
Of 48 current holders: 2 (4%) held 2+ years, 31 held 1–2 years, 15 (31%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
📋
Smaller funds dominant — 6% AUM from top-100
6% from top-100 AUM funds
12 of 48 holders rank in the top 100 by AUM, but together hold only 6% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 1.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.