Based on 135 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their TH positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 91% of 3.0Y peak
91% of all-time peak
135 funds currently hold this stock — 91% of the 3.0-year high of 148 funds (reached 2023 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding TH is almost the same as a year ago (-1 funds, -1% change). No significant rush to buy or sell — institutional backing is holding steady.
🟠
More sellers than buyers — 46% buying
68 buying79 selling
Last quarter: 79 funds reduced or exited vs 68 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.
📈
More new buyers each quarter (+8 vs last Q)
new funds entering per quarter
Funds opening a new TH position: 23 → 14 → 18 → 26. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 27% medium
■ 20% new
71 out of 135 hedge funds have held TH 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.
📈
Growing discovery — still being found
33 → 23 → 14 → 18 → 26 new funds/Q
New funds entering each quarter: 23 → 14 → 18 → 26. A growing number of institutions are discovering TH each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 65% veterans vs 25% newcomers
■ 65% veterans
■ 11% 1-2yr
■ 25% new
Entry-cohort mix of 142 holders: 92 (65%) are 2+ year veterans, 15 entered 1–2 years ago, and 35 (25%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 27% AUM from major funds
27% from top-100 AUM funds
40 of 134 holders rank in the top 100 by AUM, accounting for 27% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.