Based on 80 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their TSLL positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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High ownership — 92% of 3.0Y peak
92% of all-time peak
80 funds currently hold this stock — 92% of the 3.0-year high of 87 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 8% fewer funds vs a year ago
fund count last 6Q
7 fewer hedge funds hold TSLL compared to a year ago (-8% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 53% buying
55 buying49 selling
Last quarter: 55 funds bought or added vs 49 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.
➡️
Steady new buyers — ~25 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 20 → 28 → 22 → 25. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 45% entered in last year
■ 16% conviction (2yr+)
■ 39% medium
■ 45% new
Only 13 funds (16%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Buying through price weakness — shares -29%, value -56%
Last quarter: funds added -29% more shares while total portfolio value only changed -56%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~25 new funds/quarter
48 → 20 → 28 → 22 → 25 new funds/Q
New funds entering each quarter: 20 → 28 → 22 → 25. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 25% veterans, 54% new entrants
■ 25% veterans
■ 21% 1-2yr
■ 54% new
Of 89 current holders: 22 (25%) held 2+ years, 19 held 1–2 years, 48 (54%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 54% AUM from top-100 funds
54% from top-100 AUM funds
10 of 77 holders are among the 100 largest funds by AUM, controlling 54% of total institutional value in TSLL. 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.