Based on 252 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 7 quarters in a row
For 7 consecutive quarters, more hedge funds added TARS 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
252 hedge funds hold TARS 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 — +33% more funds vs a year ago
fund count last 6Q
+62 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 — 53% buying
137 buying123 selling
Last quarter: 137 funds bought or added vs 123 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 (-8 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 43 → 36 → 54 → 46. 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 — 37% long-term, 31% new
■ 37% conviction (2yr+)
■ 33% medium
■ 31% new
Of the 252 current holders: 92 (37%) held >2 years, 82 held 1–2 years, and 78 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 -15%
Last quarter: funds added +2% more shares while total portfolio value only changed -15%. 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
38 → 43 → 36 → 54 → 46 new funds/Q
New funds entering each quarter: 43 → 36 → 54 → 46. A growing number of institutions are discovering TARS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 40% veterans vs 36% newcomers
■ 40% veterans
■ 24% 1-2yr
■ 36% new
Entry-cohort mix of 258 holders: 103 (40%) are 2+ year veterans, 63 entered 1–2 years ago, and 92 (36%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 36% AUM from major funds
36% from top-100 AUM funds
49 of 251 holders rank in the top 100 by AUM, accounting for 36% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.2
out of 10
Moderate Exit Risk
Exit risk score 4.2/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.