Based on 468 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their TRI 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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High ownership — 89% of 3.0Y peak
89% of all-time peak
468 funds currently hold this stock — 89% of the 3.0-year high of 524 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding TRI is almost the same as a year ago (-16 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡
Slight buying edge — 50% buying
252 buying249 selling
Last quarter: 252 funds bought or added vs 249 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 (+7 vs last Q)
new funds entering per quarter
Funds opening a new TRI position: 98 → 105 → 77 → 84. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
56% of holders stayed for 2+ years
■ 56% conviction (2yr+)
■ 20% medium
■ 23% new
264 out of 468 hedge funds have held TRI 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 +0%, value -32%
Last quarter: funds added +0% more shares while total portfolio value only changed -32%. 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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Peak discovery — momentum slowing
55 → 98 → 105 → 77 → 84 new funds/Q
New funds entering each quarter: 98 → 105 → 77 → 84. TRI is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 62% veterans vs 28% newcomers
■ 62% veterans
■ 10% 1-2yr
■ 28% new
Entry-cohort mix of 490 holders: 303 (62%) are 2+ year veterans, 51 entered 1–2 years ago, and 136 (28%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 12% AUM from top-100
12% from top-100 AUM funds
59 of 461 holders rank in the top 100 by AUM, but together hold only 12% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.