Based on 360 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 11 quarters in a row
For 11 consecutive quarters, more hedge funds added TDIV 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
360 hedge funds hold TDIV 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 — +13% more funds vs a year ago
fund count last 6Q
+41 new funds entered over the past year (+13% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 52% buying
174 buying158 selling
Last quarter: 174 funds bought or added vs 158 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 — ~39 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 29 → 40 → 39 → 39. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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56% of holders stayed for 2+ years
■ 56% conviction (2yr+)
■ 26% medium
■ 18% new
203 out of 360 hedge funds have held TDIV 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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Growing discovery — still being found
37 → 29 → 40 → 39 → 39 new funds/Q
New funds entering each quarter: 29 → 40 → 39 → 39. A growing number of institutions are discovering TDIV each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 57% of holders stayed 2+ years
■ 57% veterans
■ 19% 1-2yr
■ 24% new
Of 360 current holders: 204 (57%) 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 — 47% AUM from top-100 funds
47% from top-100 AUM funds
17 of 360 holders are among the 100 largest funds by AUM, controlling 47% of total institutional value in TDIV. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.