Based on 54 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added THD 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 (95% of max)
95% of all-time peak
54 hedge funds hold THD right now — the highest count in 3.0 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 — +42% more funds vs a year ago
fund count last 6Q
+16 new funds entered over the past year (+42% 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 — 63% buying
31 buying18 selling
Last quarter: 31 funds were net buyers (16 opened a brand new position + 15 added to an existing one). Only 18 were sellers (9 trimmed + 9 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new THD position: 15 → 12 → 9 → 16. 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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61% of holders stayed for 2+ years
■ 61% conviction (2yr+)
■ 22% medium
■ 17% new
33 out of 54 hedge funds have held THD 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.
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Steady discovery — ~16 new funds/quarter
7 → 15 → 12 → 9 → 16 new funds/Q
New funds entering each quarter: 15 → 12 → 9 → 16. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 73% veterans vs 16% newcomers
■ 73% veterans
■ 11% 1-2yr
■ 16% new
Entry-cohort mix of 56 holders: 41 (73%) are 2+ year veterans, 6 entered 1–2 years ago, and 9 (16%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 17% AUM from top-100
17% from top-100 AUM funds
15 of 54 holders rank in the top 100 by AUM, but together hold only 17% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.