Based on 47 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added TBN 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
47 hedge funds hold TBN 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 — +135% more funds vs a year ago
fund count last 6Q
+27 new funds entered over the past year (+135% 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 — 75% buying
33 buying11 selling
Last quarter: 33 funds were net buyers (20 opened a brand new position + 13 added to an existing one). Only 11 were sellers (8 trimmed + 3 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+10 vs last Q)
new funds entering per quarter
Funds opening a new TBN position: 1 → 8 → 10 → 20. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔄
Mostly new holders — 66% entered in last year
■ 4% conviction (2yr+)
■ 30% medium
■ 66% new
Only 2 funds (4%) 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.
💎
Buying through price weakness — shares +37%, value -87%
Last quarter: funds added +37% more shares while total portfolio value only changed -87%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
🚀
Acceleration phase — new buyers rushing in
3 → 1 → 8 → 10 → 20 new funds/Q
New funds entering each quarter: 1 → 8 → 10 → 20. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🌱
Early stage — 62% of holders entered in last year
■ 6% veterans
■ 32% 1-2yr
■ 62% new
Of 47 current holders: 29 (62%) entered in the past year, only 3 (6%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
📋
Smaller funds dominant — 8% AUM from top-100
8% from top-100 AUM funds
9 of 47 holders rank in the top 100 by AUM, but together hold only 8% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
6.6
out of 10
Moderate Exit Risk
Exit risk score 6.6/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.