Based on 95 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added HTD 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
95 hedge funds hold HTD 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.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding HTD is almost the same as a year ago (+2 funds, +2% change). No significant rush to buy or sell — institutional backing is holding steady.
🟢
More buyers than sellers — 67% buying
50 buying25 selling
Last quarter: 50 funds were net buyers (14 opened a brand new position + 36 added to an existing one). Only 25 were sellers (16 trimmed + 9 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~14 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 13 → 16 → 11 → 14. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
62% of holders stayed for 2+ years
■ 62% conviction (2yr+)
■ 19% medium
■ 19% new
59 out of 95 hedge funds have held HTD 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 — ~14 new funds/quarter
14 → 13 → 16 → 11 → 14 new funds/Q
New funds entering each quarter: 13 → 16 → 11 → 14. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 68% veterans vs 25% newcomers
■ 68% veterans
■ 6% 1-2yr
■ 25% new
Entry-cohort mix of 95 holders: 65 (68%) are 2+ year veterans, 6 entered 1–2 years ago, and 24 (25%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 53% AUM from top-100 funds
53% from top-100 AUM funds
15 of 95 holders are among the 100 largest funds by AUM, controlling 53% of total institutional value in HTD. 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 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.