Based on 19 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their TOUR positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 79% of 3.0Y peak
79% of all-time peak
19 funds currently hold this stock — 79% of the 3.0-year high of 24 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +19% more funds vs a year ago
fund count last 6Q
+3 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. The peak was reached in just 3 quarters from the low — a sharp move.
🟠
More sellers than buyers — 43% buying
9 buying12 selling
Last quarter: 12 funds reduced or exited vs 9 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.
⚠️
Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 4 → 2 → 9 → 2. 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.
🔒
68% of holders stayed for 2+ years
■ 68% conviction (2yr+)
■ 16% medium
■ 16% new
13 out of 19 hedge funds have held TOUR 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 (-3% value, -19% shares)
Last quarter: total value of institutional TOUR holdings rose -3% even though funds reduced share count by 19%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
➡️
Steady discovery — ~2 new funds/quarter
1 → 4 → 2 → 9 → 2 new funds/Q
New funds entering each quarter: 4 → 2 → 9 → 2. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 85% of holders stayed 2+ years
■ 85% veterans
■ 5% 1-2yr
■ 10% new
Of 20 current holders: 17 (85%) 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.
🏆
Elite ownership — 92% AUM from top-100 funds
92% from top-100 AUM funds
11 of 19 holders are among the 100 largest funds by AUM, controlling 92% of total institutional value in TOUR. 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 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.