Based on 196 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 7 quarters in a row
For 7 consecutive quarters, more hedge funds added TRVI 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
196 hedge funds hold TRVI 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.
🚀
Fast accumulation — +40% more funds vs a year ago
fund count last 6Q
+56 new funds entered over the past year (+40% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟡
Slight buying edge — 55% buying
108 buying90 selling
Last quarter: 108 funds bought or added vs 90 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.
📈
More new buyers each quarter (+8 vs last Q)
new funds entering per quarter
Funds opening a new TRVI position: 38 → 34 → 33 → 41. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
📌
Mixed — 30% long-term, 36% new
■ 30% conviction (2yr+)
■ 34% medium
■ 36% new
Of the 196 current holders: 59 (30%) held >2 years, 66 held 1–2 years, and 71 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
➡️
Steady discovery — ~41 new funds/quarter
47 → 38 → 34 → 33 → 41 new funds/Q
New funds entering each quarter: 38 → 34 → 33 → 41. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 33% veterans, 51% new entrants
■ 33% veterans
■ 16% 1-2yr
■ 51% new
Of 202 current holders: 67 (33%) held 2+ years, 32 held 1–2 years, 103 (51%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 23% AUM from major funds
23% from top-100 AUM funds
41 of 194 holders rank in the top 100 by AUM, accounting for 23% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.4
out of 10
Moderate Exit Risk
Exit risk score 4.4/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.