Based on 67 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds added THAR 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
67 hedge funds hold THAR right now — the highest count in 2.2 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 — +644% more funds vs a year ago
fund count last 6Q
+58 new funds entered over the past year (+644% 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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More buyers than sellers — 79% buying
59 buying16 selling
Last quarter: 59 funds were net buyers (40 opened a brand new position + 19 added to an existing one). Only 16 were sellers (5 trimmed + 11 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+21 vs last Q)
new funds entering per quarter
Funds opening a new THAR position: 7 → 11 → 19 → 40. 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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Mostly new holders — 87% entered in last year
■ 0% conviction (2yr+)
■ 13% medium
■ 87% new
Only 0 funds (0%) 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.
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Buying through price weakness — shares +72%, value +49%
Last quarter: funds added +72% more shares while total portfolio value only changed +49%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Acceleration phase — new buyers rushing in
3 → 7 → 11 → 19 → 40 new funds/Q
New funds entering each quarter: 7 → 11 → 19 → 40. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Early stage — 88% of holders entered in last year
■ 0% veterans
■ 12% 1-2yr
■ 88% new
Of 67 current holders: 59 (88%) entered in the past year, only 0 (0%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
✅
Strong quality — 39% AUM from major funds
39% from top-100 AUM funds
27 of 67 holders rank in the top 100 by AUM, accounting for 39% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 7.2/10 — multiple crowding signals converge. Institutional ownership is at 100% of its all-time high — near peak crowding. Crowded trades can unwind fast — a single catalyst can trigger a cascade.