Based on 177 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added HTLD 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
177 hedge funds hold HTLD 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 HTLD is almost the same as a year ago (-6 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 58% buying
94 buying69 selling
Last quarter: 94 funds bought or added vs 69 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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More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new HTLD position: 24 → 31 → 20 → 27. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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66% of holders stayed for 2+ years
■ 66% conviction (2yr+)
■ 15% medium
■ 19% new
116 out of 177 hedge funds have held HTLD 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.
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Steady discovery — ~27 new funds/quarter
38 → 24 → 31 → 20 → 27 new funds/Q
New funds entering each quarter: 24 → 31 → 20 → 27. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 69% veterans vs 21% newcomers
■ 69% veterans
■ 10% 1-2yr
■ 21% new
Entry-cohort mix of 179 holders: 124 (69%) are 2+ year veterans, 18 entered 1–2 years ago, and 37 (21%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 45% AUM from top-100 funds
45% from top-100 AUM funds
40 of 177 holders are among the 100 largest funds by AUM, controlling 45% of total institutional value in HTLD. 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 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.