Based on 69 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added TCX 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
69 hedge funds hold TCX 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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Steady growth — +15% more funds vs a year ago
fund count last 6Q
+9 new funds entered over the past year (+15% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More sellers than buyers — 40% buying
26 buying39 selling
Last quarter: 39 funds reduced or exited vs 26 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
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Steady new buyers — ~9 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 7 → 3 → 6 → 9. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
74% of holders stayed for 2+ years
■ 74% conviction (2yr+)
■ 17% medium
■ 9% new
51 out of 69 hedge funds have held TCX 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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Price up while funds trimmed (-12% value, -29% shares)
Last quarter: total value of institutional TCX holdings rose -12% even though funds reduced share count by 29%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Steady discovery — ~9 new funds/quarter
5 → 7 → 3 → 6 → 9 new funds/Q
New funds entering each quarter: 7 → 3 → 6 → 9. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 78% of holders stayed 2+ years
■ 78% veterans
■ 8% 1-2yr
■ 14% new
Of 73 current holders: 57 (78%) 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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Smaller funds dominant — 19% AUM from top-100
19% from top-100 AUM funds
20 of 69 holders rank in the top 100 by AUM, but together hold only 19% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.