Based on 81 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added TDV 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
81 hedge funds hold TDV 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.
📶
Steady growth — +19% more funds vs a year ago
fund count last 6Q
+13 new funds entered over the past year (+19% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠
More sellers than buyers — 41% buying
31 buying44 selling
Last quarter: 44 funds reduced or exited vs 31 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~17 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 8 → 14 → 15 → 17. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 23% medium
■ 23% new
43 out of 81 hedge funds have held TDV 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.
💰
Price up while funds trimmed (+20% value, -1% shares)
Last quarter: total value of institutional TDV holdings rose +20% even though funds reduced share count by 1%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
📈
Growing discovery — still being found
9 → 8 → 14 → 15 → 17 new funds/Q
New funds entering each quarter: 8 → 14 → 15 → 17. A growing number of institutions are discovering TDV each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 59% veterans vs 26% newcomers
■ 59% veterans
■ 15% 1-2yr
■ 26% new
Entry-cohort mix of 81 holders: 48 (59%) are 2+ year veterans, 12 entered 1–2 years ago, and 21 (26%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 49% AUM from top-100 funds
49% from top-100 AUM funds
14 of 80 holders are among the 100 largest funds by AUM, controlling 49% of total institutional value in TDV. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.3
out of 10
Moderate Exit Risk
Exit risk score 4.3/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.