Based on 107 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added LCTD 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 (100% of max)
100% of all-time peak
107 hedge funds hold LCTD 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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Steady growth — +13% more funds vs a year ago
fund count last 6Q
+12 new funds entered over the past year (+13% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 55% buying
61 buying50 selling
Last quarter: 61 funds bought or added vs 50 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 (+6 vs last Q)
new funds entering per quarter
Funds opening a new LCTD position: 13 → 17 → 14 → 20. 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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47% of holders stayed for 2+ years
■ 47% conviction (2yr+)
■ 28% medium
■ 25% new
50 out of 107 hedge funds have held LCTD 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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Growing discovery — still being found
12 → 13 → 17 → 14 → 20 new funds/Q
New funds entering each quarter: 13 → 17 → 14 → 20. A growing number of institutions are discovering LCTD each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 50% veterans vs 27% newcomers
■ 50% veterans
■ 23% 1-2yr
■ 27% new
Entry-cohort mix of 107 holders: 53 (50%) are 2+ year veterans, 25 entered 1–2 years ago, and 29 (27%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 73% AUM from top-100 funds
73% from top-100 AUM funds
14 of 107 holders are among the 100 largest funds by AUM, controlling 73% of total institutional value in LCTD. 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 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.