Based on 29 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 AHT 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 (97% of max)
97% of all-time peak
29 hedge funds hold AHT 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding AHT is almost the same as a year ago (+0 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 56% buying
15 buying12 selling
Last quarter: 15 funds bought or added vs 12 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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Steady new buyers — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 4 → 5 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 24% entered in last year
■ 7% conviction (2yr+)
■ 69% medium
■ 24% new
Only 2 funds (7%) 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 -12%, value -32%
Last quarter: funds added -12% more shares while total portfolio value only changed -32%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Steady discovery — ~6 new funds/quarter
28 → 2 → 4 → 5 → 6 new funds/Q
New funds entering each quarter: 2 → 4 → 5 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Early stage — 93% of holders entered in last year
■ 7% veterans
■ 0% 1-2yr
■ 93% new
Of 29 current holders: 27 (93%) entered in the past year, only 2 (7%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
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Strong quality — 38% AUM from major funds
38% from top-100 AUM funds
10 of 29 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 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.