Based on 190 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 TSHA positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (98% of max)
98% of all-time peak
190 hedge funds hold TSHA 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 — +53% more funds vs a year ago
fund count last 6Q
+66 new funds entered over the past year (+53% 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 — 55% buying
106 buying88 selling
Last quarter: 106 funds bought or added vs 88 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.
⚠️
Fewer new buyers each quarter (-32 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 44 → 29 → 67 → 35. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
📌
Mixed — 33% long-term, 39% new
■ 33% conviction (2yr+)
■ 28% medium
■ 39% new
Of the 190 current holders: 63 (33%) held >2 years, 53 held 1–2 years, and 74 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💎
Buying through price weakness — shares -2%, value -18%
Last quarter: funds added -2% more shares while total portfolio value only changed -18%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
25 → 44 → 29 → 67 → 35 new funds/Q
New funds entering each quarter: 44 → 29 → 67 → 35. A growing number of institutions are discovering TSHA each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 43% veterans vs 39% newcomers
■ 43% veterans
■ 18% 1-2yr
■ 39% new
Entry-cohort mix of 195 holders: 84 (43%) are 2+ year veterans, 35 entered 1–2 years ago, and 76 (39%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 34% AUM from major funds
34% from top-100 AUM funds
43 of 188 holders rank in the top 100 by AUM, accounting for 34% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.6
out of 10
Moderate Exit Risk
Exit risk score 4.6/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.