Based on 19 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their TOK positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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Below peak — only 56% of 3.0Y high
56% of all-time peak
Only 19 funds hold TOK today versus a peak of 34 funds at 2024 Q3 — just 56% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 5% fewer funds vs a year ago
fund count last 6Q
1 fewer hedge funds hold TOK compared to a year ago (-5% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 56% buying
10 buying8 selling
Last quarter: 10 funds bought or added vs 8 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 (-6 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 3 → 0 → 7 → 1. 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.
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68% of holders stayed for 2+ years
■ 68% conviction (2yr+)
■ 21% medium
■ 11% new
13 out of 19 hedge funds have held TOK 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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Steady discovery — ~1 new funds/quarter
2 → 3 → 0 → 7 → 1 new funds/Q
New funds entering each quarter: 3 → 0 → 7 → 1. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 74% veterans vs 11% newcomers
■ 74% veterans
■ 16% 1-2yr
■ 11% new
Entry-cohort mix of 19 holders: 14 (74%) are 2+ year veterans, 3 entered 1–2 years ago, and 2 (11%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 41% AUM from top-100 funds
41% from top-100 AUM funds
7 of 19 holders are among the 100 largest funds by AUM, controlling 41% of total institutional value in TOK. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 1.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.