Based on 859 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added TPL 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
859 hedge funds hold TPL 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 — +15% more funds vs a year ago
fund count last 6Q
+114 new funds entered over the past year (+15% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 61% buying
486 buying315 selling
Last quarter: 486 funds were net buyers (200 opened a brand new position + 286 added to an existing one). Only 315 were sellers (254 trimmed + 61 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+100 vs last Q)
new funds entering per quarter
Funds opening a new TPL position: 82 → 73 → 100 → 200. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
49% of holders stayed for 2+ years
■ 49% conviction (2yr+)
■ 25% medium
■ 26% new
421 out of 859 hedge funds have held TPL 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.
💰
Value +68% but shares only +8% — price-driven
Last quarter: the total dollar value of institutional holdings rose +68%, but actual share count only changed +8%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
🚀
Acceleration phase — new buyers rushing in
125 → 82 → 73 → 100 → 200 new funds/Q
New funds entering each quarter: 82 → 73 → 100 → 200. 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 — 54% veterans vs 28% newcomers
■ 54% veterans
■ 18% 1-2yr
■ 28% new
Entry-cohort mix of 889 holders: 479 (54%) are 2+ year veterans, 157 entered 1–2 years ago, and 253 (28%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 29% AUM from major funds
29% from top-100 AUM funds
60 of 856 holders rank in the top 100 by AUM, accounting for 29% 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.