Based on 9 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 TBX 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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Below peak — only 45% of 3.0Y high
45% of all-time peak
Only 9 funds hold TBX today versus a peak of 20 funds at 2023 Q3 — just 45% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 18% fewer funds vs a year ago
fund count last 6Q
2 fewer hedge funds hold TBX compared to a year ago (-18% 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 — 57% buying
4 buying3 selling
Last quarter: 4 funds bought or added vs 3 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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Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 3 → 2 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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78% of holders stayed for 2+ years
■ 78% conviction (2yr+)
■ 22% medium
■ 0% new
7 out of 9 hedge funds have held TBX 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 — ~3 new funds/quarter
1 → 2 → 3 → 2 → 3 new funds/Q
New funds entering each quarter: 2 → 3 → 2 → 3. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 78% veterans vs 11% newcomers
■ 78% veterans
■ 11% 1-2yr
■ 11% new
Entry-cohort mix of 9 holders: 7 (78%) are 2+ year veterans, 1 entered 1–2 years ago, and 1 (11%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 90% AUM from top-100 funds
90% from top-100 AUM funds
5 of 9 holders are among the 100 largest funds by AUM, controlling 90% of total institutional value in TBX. 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 1.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.