Based on 228 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added THS 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
228 hedge funds hold THS 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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Steady growth — +16% more funds vs a year ago
fund count last 6Q
+31 new funds entered over the past year (+16% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 51% buying
130 buying123 selling
Last quarter: 130 funds bought or added vs 123 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
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More new buyers each quarter (+38 vs last Q)
new funds entering per quarter
Funds opening a new THS position: 45 → 31 → 34 → 72. 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+)
■ 14% medium
■ 25% new
139 out of 228 hedge funds have held THS 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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Growing discovery — still being found
29 → 45 → 31 → 34 → 72 new funds/Q
New funds entering each quarter: 45 → 31 → 34 → 72. A growing number of institutions are discovering THS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 68% of holders stayed 2+ years
■ 68% veterans
■ 8% 1-2yr
■ 24% new
Of 235 current holders: 160 (68%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
✅
Strong quality — 38% AUM from major funds
38% from top-100 AUM funds
31 of 228 holders rank in the top 100 by AUM, accounting for 38% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.