Based on 27 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their TIL 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 56% of 3.0Y high
56% of all-time peak
Only 27 funds hold TIL today versus a peak of 48 funds at 2024 Q3 — just 56% 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.
📉
Outflows — 29% fewer funds vs a year ago
fund count last 6Q
11 fewer hedge funds hold TIL compared to a year ago (-29% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 40% buying
12 buying18 selling
Last quarter: 18 funds reduced or exited vs 12 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.
➡️
Steady new buyers — ~5 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 9 → 9 → 4 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 37% long-term, 26% new
■ 37% conviction (2yr+)
■ 37% medium
■ 26% new
Of the 27 current holders: 10 (37%) held >2 years, 10 held 1–2 years, and 7 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💎
Buying through price weakness — shares -4%, value -100%
Last quarter: funds added -4% more shares while total portfolio value only changed -100%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
⚠️
Saturation — most institutions already know this story
7 → 9 → 9 → 4 → 5 new funds/Q
New funds entering each quarter: 9 → 9 → 4 → 5. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
📊
Mixed cohorts — 7% veterans, 22% new entrants
■ 7% veterans
■ 70% 1-2yr
■ 22% new
Of 27 current holders: 2 (7%) held 2+ years, 19 held 1–2 years, 6 (22%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
📋
Smaller funds dominant — 18% AUM from top-100
18% from top-100 AUM funds
10 of 27 holders rank in the top 100 by AUM, but together hold only 18% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 1.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.