Based on 78 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their TNA positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 81% of 3.0Y peak
81% of all-time peak
78 funds currently hold this stock — 81% of the 3.0-year high of 96 funds (reached 2024 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 16% fewer funds vs a year ago
fund count last 6Q
15 fewer hedge funds hold TNA compared to a year ago (-16% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 39% buying
39 buying60 selling
Last quarter: 60 funds sold vs only 39 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-6 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 12 → 30 → 23 → 17. 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.
🔒
44% of holders stayed for 2+ years
■ 44% conviction (2yr+)
■ 32% medium
■ 24% new
34 out of 78 hedge funds have held TNA 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 — ~17 new funds/quarter
23 → 12 → 30 → 23 → 17 new funds/Q
New funds entering each quarter: 12 → 30 → 23 → 17. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 55% of holders stayed 2+ years
■ 55% veterans
■ 13% 1-2yr
■ 33% new
Of 86 current holders: 47 (55%) 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.
📋
Smaller funds dominant — 8% AUM from top-100
8% from top-100 AUM funds
9 of 78 holders rank in the top 100 by AUM, but together hold only 8% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.