Based on 1 hedge funds · latest filing: 2023 Q3 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their TNH positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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Below peak — only 2% of 3.0Y high
2% of all-time peak
Only 1 funds hold TNH today versus a peak of 52 funds at 2016 Q1 — just 2% 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 — 97% fewer funds vs a year ago
fund count last 6Q
36 fewer hedge funds hold TNH compared to a year ago (-97% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 33% buying
1 buying2 selling
Last quarter: 2 funds sold vs only 1 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
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Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 10 → 11 → 0 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Saturation — most institutions already know this story
6 → 10 → 11 → 0 → 1 new funds/Q
New funds entering each quarter: 10 → 11 → 0 → 1. 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.
Exit risk score 1.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.