Based on 28 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 TBG 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 — 93% of 2.8Y peak
93% of all-time peak
28 funds currently hold this stock — 93% of the 2.8-year high of 30 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Fast accumulation — +22% more funds vs a year ago
fund count last 6Q
+5 new funds entered over the past year (+22% 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.
🟢
More buyers than sellers — 82% buying
23 buying5 selling
Last quarter: 23 funds were net buyers (7 opened a brand new position + 16 added to an existing one). Only 5 were sellers (1 trimmed + 4 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 10 → 4 → 6 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 36% entered in last year
■ 11% conviction (2yr+)
■ 54% medium
■ 36% new
Only 3 funds (11%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
➡️
Steady discovery — ~7 new funds/quarter
9 → 10 → 4 → 6 → 7 new funds/Q
New funds entering each quarter: 10 → 4 → 6 → 7. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 18% veterans, 54% new entrants
■ 18% veterans
■ 29% 1-2yr
■ 54% new
Of 28 current holders: 5 (18%) held 2+ years, 8 held 1–2 years, 15 (54%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Smaller funds dominant — 1% AUM from top-100
1% from top-100 AUM funds
4 of 28 holders rank in the top 100 by AUM, but together hold only 1% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.