Based on 213 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added THR 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
213 hedge funds hold THR 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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Fast accumulation — +33% more funds vs a year ago
fund count last 6Q
+53 new funds entered over the past year (+33% 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.
🟡
Slight buying edge — 51% buying
120 buying114 selling
Last quarter: 120 funds bought or added vs 114 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 (+14 vs last Q)
new funds entering per quarter
Funds opening a new THR position: 28 → 21 → 49 → 63. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
51% of holders stayed for 2+ years
■ 51% conviction (2yr+)
■ 19% medium
■ 30% new
108 out of 213 hedge funds have held THR 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.
💰
Price up while funds trimmed (+31% value, -0% shares)
Last quarter: total value of institutional THR holdings rose +31% even though funds reduced share count by 0%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Acceleration phase — new buyers rushing in
19 → 28 → 21 → 49 → 63 new funds/Q
New funds entering each quarter: 28 → 21 → 49 → 63. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Veteran-anchored — 60% veterans vs 29% newcomers
■ 60% veterans
■ 12% 1-2yr
■ 29% new
Entry-cohort mix of 217 holders: 130 (60%) are 2+ year veterans, 25 entered 1–2 years ago, and 62 (29%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 48% AUM from top-100 funds
48% from top-100 AUM funds
47 of 213 holders are among the 100 largest funds by AUM, controlling 48% of total institutional value in THR. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.3
out of 10
Moderate Exit Risk
Exit risk score 4.3/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.