Based on 7 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their THR 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 3% of 3.0Y high
3% of all-time peak
Only 7 funds hold THR today versus a peak of 215 funds at 2026 Q1 — just 3% 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 — 96% fewer funds vs a year ago
fund count last 6Q
159 fewer hedge funds hold THR compared to a year ago (-96% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 2% buying
4 buying213 selling
Last quarter: 213 funds sold vs only 4 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-61 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 21 → 49 → 64 → 3. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
57% of holders stayed for 2+ years
■ 57% conviction (2yr+)
■ 29% medium
■ 14% new
4 out of 7 hedge funds have held THR 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.
➡️
Steady discovery — ~3 new funds/quarter
28 → 21 → 49 → 64 → 3 new funds/Q
New funds entering each quarter: 21 → 49 → 64 → 3. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 71% veterans vs 14% newcomers
■ 71% veterans
■ 14% 1-2yr
■ 14% new
Entry-cohort mix of 7 holders: 5 (71%) are 2+ year veterans, 1 entered 1–2 years ago, and 1 (14%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
0 of 7 holders rank in the top 100 by AUM, but together hold only 0% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.