Based on 32 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added TRVG 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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Below peak — only 67% of 3.0Y high
67% of all-time peak
Only 32 funds hold TRVG today versus a peak of 48 funds at 2023 Q3 — just 67% 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 — 22% fewer funds vs a year ago
fund count last 6Q
9 fewer hedge funds hold TRVG compared to a year ago (-22% 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 — 50% buying
16 buying16 selling
Last quarter: 16 funds bought or added vs 16 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.
➡️
Steady new buyers — ~10 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 8 → 2 → 5 → 10. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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59% of holders stayed for 2+ years
■ 59% conviction (2yr+)
■ 16% medium
■ 25% new
19 out of 32 hedge funds have held TRVG 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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Value +103% but shares only +0% — price-driven
Last quarter: the total dollar value of institutional holdings rose +103%, but actual share count only changed +0%. 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.
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Steady discovery — ~10 new funds/quarter
11 → 8 → 2 → 5 → 10 new funds/Q
New funds entering each quarter: 8 → 2 → 5 → 10. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 70% veterans vs 24% newcomers
■ 70% veterans
■ 6% 1-2yr
■ 24% new
Entry-cohort mix of 33 holders: 23 (70%) are 2+ year veterans, 2 entered 1–2 years ago, and 8 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 9% AUM from top-100
9% from top-100 AUM funds
8 of 32 holders rank in the top 100 by AUM, but together hold only 9% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.