Based on 8 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 TBX 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 40% of 3.0Y high
40% of all-time peak
Only 8 funds hold TBX today versus a peak of 20 funds at 2023 Q3 — just 40% 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.
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Outflows — 47% fewer funds vs a year ago
fund count last 6Q
7 fewer hedge funds hold TBX compared to a year ago (-47% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 33% buying
3 buying6 selling
Last quarter: 6 funds sold vs only 3 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 2 → 3 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
75% of holders stayed for 2+ years
■ 75% conviction (2yr+)
■ 25% medium
■ 0% new
6 out of 8 hedge funds have held TBX 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 — ~2 new funds/quarter
2 → 1 → 2 → 3 → 2 new funds/Q
New funds entering each quarter: 1 → 2 → 3 → 2. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 75% veterans vs 12% newcomers
■ 75% veterans
■ 12% 1-2yr
■ 12% new
Entry-cohort mix of 8 holders: 6 (75%) are 2+ year veterans, 1 entered 1–2 years ago, and 1 (12%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 60% AUM from top-100 funds
60% from top-100 AUM funds
4 of 8 holders are among the 100 largest funds by AUM, controlling 60% of total institutional value in TBX. 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 1.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.