Based on 4 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their LTL positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 57% of 3.0Y high
57% of all-time peak
Only 4 funds hold LTL today versus a peak of 7 funds at 2025 Q4 — just 57% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
📉
Outflows — 33% fewer funds vs a year ago
fund count last 6Q
2 fewer hedge funds hold LTL compared to a year ago (-33% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 29% buying
2 buying5 selling
Last quarter: 5 funds sold vs only 2 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 2 → 2 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
50% of holders stayed for 2+ years
■ 50% conviction (2yr+)
■ 50% medium
■ 0% new
2 out of 4 hedge funds have held LTL 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 — ~1 new funds/quarter
3 → 1 → 2 → 2 → 1 new funds/Q
New funds entering each quarter: 1 → 2 → 2 → 1. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 100% veterans vs 0% newcomers
■ 100% veterans
■ 0% 1-2yr
■ 0% new
Entry-cohort mix of 4 holders: 4 (100%) are 2+ year veterans, 0 entered 1–2 years ago, and 0 (0%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 32% AUM from major funds
32% from top-100 AUM funds
2 of 4 holders rank in the top 100 by AUM, accounting for 32% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 1.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.