Based on 167 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added TAC 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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High ownership — 94% of 3.0Y peak
94% of all-time peak
167 funds currently hold this stock — 94% of the 3.0-year high of 177 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 6% fewer funds vs a year ago
fund count last 6Q
10 fewer hedge funds hold TAC compared to a year ago (-6% 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 — 51% buying
93 buying91 selling
Last quarter: 93 funds bought or added vs 91 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 (+14 vs last Q)
new funds entering per quarter
Funds opening a new TAC position: 29 → 30 → 24 → 38. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 29% medium
■ 17% new
89 out of 167 hedge funds have held TAC 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 -7%, value -97%
Last quarter: funds added -7% more shares while total portfolio value only changed -97%. 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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Steady discovery — ~38 new funds/quarter
44 → 29 → 30 → 24 → 38 new funds/Q
New funds entering each quarter: 29 → 30 → 24 → 38. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 63% of holders stayed 2+ years
■ 63% veterans
■ 13% 1-2yr
■ 25% new
Of 183 current holders: 115 (63%) 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.
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Elite ownership — 53% AUM from top-100 funds
53% from top-100 AUM funds
26 of 167 holders are among the 100 largest funds by AUM, controlling 53% of total institutional value in TAC. 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 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.