Based on 72 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added TGS 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.
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At the ownership peak (100% of max)
100% of all-time peak
72 hedge funds hold TGS 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 — +11% more funds vs a year ago
fund count last 6Q
+7 new funds entered over the past year (+11% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 52% buying
37 buying34 selling
Last quarter: 37 funds bought or added vs 34 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.
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More new buyers each quarter (+21 vs last Q)
new funds entering per quarter
Funds opening a new TGS position: 15 → 15 → 6 → 27. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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42% of holders stayed for 2+ years
■ 42% conviction (2yr+)
■ 33% medium
■ 25% new
30 out of 72 hedge funds have held TGS 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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Buying through price weakness — shares -6%, value -78%
Last quarter: funds added -6% more shares while total portfolio value only changed -78%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Steady discovery — ~27 new funds/quarter
23 → 15 → 15 → 6 → 27 new funds/Q
New funds entering each quarter: 15 → 15 → 6 → 27. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 53% of holders stayed 2+ years
■ 53% veterans
■ 16% 1-2yr
■ 32% new
Of 76 current holders: 40 (53%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
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Smaller funds dominant — 14% AUM from top-100
14% from top-100 AUM funds
20 of 72 holders rank in the top 100 by AUM, but together hold only 14% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.