Based on 180 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their TCMD 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 (97% of max)
97% of all-time peak
180 hedge funds hold TCMD 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 — +36% more funds vs a year ago
fund count last 6Q
+48 new funds entered over the past year (+36% 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 — 57% buying
109 buying82 selling
Last quarter: 109 funds bought or added vs 82 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 (-11 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 16 → 49 → 42 → 31. 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.
🔒
55% of holders stayed for 2+ years
■ 55% conviction (2yr+)
■ 22% medium
■ 23% new
99 out of 180 hedge funds have held TCMD 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.
💰
Value +16% but shares only +1% — price-driven
Last quarter: the total dollar value of institutional holdings rose +16%, but actual share count only changed +1%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
📈
Growing discovery — still being found
15 → 16 → 49 → 42 → 31 new funds/Q
New funds entering each quarter: 16 → 49 → 42 → 31. A growing number of institutions are discovering TCMD each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 61% veterans vs 26% newcomers
■ 61% veterans
■ 13% 1-2yr
■ 26% new
Entry-cohort mix of 183 holders: 111 (61%) are 2+ year veterans, 24 entered 1–2 years ago, and 48 (26%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 43% AUM from top-100 funds
43% from top-100 AUM funds
44 of 179 holders are among the 100 largest funds by AUM, controlling 43% of total institutional value in TCMD. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.