Based on 213 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added TFSL 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
213 hedge funds hold TFSL 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 — +16% more funds vs a year ago
fund count last 6Q
+30 new funds entered over the past year (+16% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 65% buying
130 buying71 selling
Last quarter: 130 funds were net buyers (44 opened a brand new position + 86 added to an existing one). Only 71 were sellers (45 trimmed + 26 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~44 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 21 → 29 → 39 → 44. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
56% of holders stayed for 2+ years
■ 56% conviction (2yr+)
■ 23% medium
■ 21% new
119 out of 213 hedge funds have held TFSL 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.
🚀
Acceleration phase — new buyers rushing in
32 → 21 → 29 → 39 → 44 new funds/Q
New funds entering each quarter: 21 → 29 → 39 → 44. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️
Veteran-anchored — 60% veterans vs 27% newcomers
■ 60% veterans
■ 13% 1-2yr
■ 27% new
Entry-cohort mix of 215 holders: 130 (60%) are 2+ year veterans, 28 entered 1–2 years ago, and 57 (27%) 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
43 of 213 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.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.