Based on 51 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added TBLD 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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At the ownership peak (100% of max)
100% of all-time peak
51 hedge funds hold TBLD 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.
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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding TBLD is almost the same as a year ago (+1 funds, +2% change). No significant rush to buy or sell — institutional backing is holding steady.
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More buyers than sellers — 71% buying
36 buying15 selling
Last quarter: 36 funds were net buyers (10 opened a brand new position + 26 added to an existing one). Only 15 were sellers (10 trimmed + 5 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~10 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 8 → 5 → 10. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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51% of holders stayed for 2+ years
■ 51% conviction (2yr+)
■ 22% medium
■ 27% new
26 out of 51 hedge funds have held TBLD 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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Steady discovery — ~10 new funds/quarter
15 → 4 → 8 → 5 → 10 new funds/Q
New funds entering each quarter: 4 → 8 → 5 → 10. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 47% of holders stayed 2+ years
■ 47% veterans
■ 14% 1-2yr
■ 39% new
Of 51 current holders: 24 (47%) 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 — 40% AUM from top-100 funds
40% from top-100 AUM funds
7 of 51 holders are among the 100 largest funds by AUM, controlling 40% of total institutional value in TBLD. 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 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.