Based on 69 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added TCX 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 (99% of max)
99% of all-time peak
69 hedge funds hold TCX 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.
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Steady growth — +10% more funds vs a year ago
fund count last 6Q
+6 new funds entered over the past year (+10% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 60% buying
42 buying28 selling
Last quarter: 42 funds were net buyers (12 opened a brand new position + 30 added to an existing one). Only 28 were sellers (18 trimmed + 10 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~12 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 6 → 9 → 11 → 12. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
59% of holders stayed for 2+ years
■ 59% conviction (2yr+)
■ 19% medium
■ 22% new
41 out of 69 hedge funds have held TCX 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.
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Growing discovery — still being found
3 → 6 → 9 → 11 → 12 new funds/Q
New funds entering each quarter: 6 → 9 → 11 → 12. A growing number of institutions are discovering TCX each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 64% veterans vs 23% newcomers
■ 64% veterans
■ 13% 1-2yr
■ 23% new
Entry-cohort mix of 69 holders: 44 (64%) are 2+ year veterans, 9 entered 1–2 years ago, and 16 (23%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 23% AUM from major funds
23% from top-100 AUM funds
27 of 68 holders rank in the top 100 by AUM, accounting for 23% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.