Based on 114 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their TBCH positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 88% of 3.0Y peak
88% of all-time peak
114 funds currently hold this stock — 88% of the 3.0-year high of 129 funds (reached 2024 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding TBCH is almost the same as a year ago (-1 funds, -1% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡
Slight buying edge — 53% buying
61 buying54 selling
Last quarter: 61 funds bought or added vs 54 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 — ~17 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 17 → 20 → 18 → 17. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
61% of holders stayed for 2+ years
■ 61% conviction (2yr+)
■ 25% medium
■ 14% new
69 out of 114 hedge funds have held TBCH 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.
➡️
Steady discovery — ~17 new funds/quarter
25 → 17 → 20 → 18 → 17 new funds/Q
New funds entering each quarter: 17 → 20 → 18 → 17. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 69% of holders stayed 2+ years
■ 69% veterans
■ 10% 1-2yr
■ 21% new
Of 121 current holders: 83 (69%) 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.
✅
Strong quality — 37% AUM from major funds
37% from top-100 AUM funds
27 of 114 holders rank in the top 100 by AUM, accounting for 37% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.