Based on 309 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added HTO 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
309 hedge funds hold HTO 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.
🚀
Fast accumulation — +26% more funds vs a year ago
fund count last 6Q
+64 new funds entered over the past year (+26% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 69% buying
214 buying96 selling
Last quarter: 214 funds were net buyers (73 opened a brand new position + 141 added to an existing one). Only 96 were sellers (59 trimmed + 37 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+25 vs last Q)
new funds entering per quarter
Funds opening a new HTO position: 42 → 49 → 48 → 73. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
54% of holders stayed for 2+ years
■ 54% conviction (2yr+)
■ 20% medium
■ 26% new
166 out of 309 hedge funds have held HTO 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.
💰
Value +72% but shares only +52% — price-driven
Last quarter: the total dollar value of institutional holdings rose +72%, but actual share count only changed +52%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
📈
Growing discovery — still being found
48 → 42 → 49 → 48 → 73 new funds/Q
New funds entering each quarter: 42 → 49 → 48 → 73. A growing number of institutions are discovering HTO each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 60% veterans vs 30% newcomers
■ 60% veterans
■ 10% 1-2yr
■ 30% new
Entry-cohort mix of 314 holders: 188 (60%) are 2+ year veterans, 32 entered 1–2 years ago, and 94 (30%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 33% AUM from major funds
33% from top-100 AUM funds
48 of 309 holders rank in the top 100 by AUM, accounting for 33% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.