Based on 10 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their TSLT 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 62% of 2.5Y high
62% of all-time peak
Only 10 funds hold TSLT today versus a peak of 16 funds at 2025 Q1 — just 62% 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 — 38% fewer funds vs a year ago
fund count last 6Q
6 fewer hedge funds hold TSLT compared to a year ago (-38% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 50% buying
8 buying8 selling
Last quarter: 8 funds bought or added vs 8 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.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 5 → 7 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 30% entered in last year
■ 20% conviction (2yr+)
■ 50% medium
■ 30% new
Only 2 funds (20%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Buying through price weakness — shares -25%, value -52%
Last quarter: funds added -25% more shares while total portfolio value only changed -52%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~3 new funds/quarter
7 → 3 → 5 → 7 → 3 new funds/Q
New funds entering each quarter: 3 → 5 → 7 → 3. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 36% veterans, 18% new entrants
■ 36% veterans
■ 45% 1-2yr
■ 18% new
Of 11 current holders: 4 (36%) held 2+ years, 5 held 1–2 years, 2 (18%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 43% AUM from top-100 funds
43% from top-100 AUM funds
2 of 7 holders are among the 100 largest funds by AUM, controlling 43% of total institutional value in TSLT. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 1.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.