Based on 126 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 TDVG 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
126 hedge funds hold TDVG 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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Fast accumulation — +25% more funds vs a year ago
fund count last 6Q
+25 new funds entered over the past year (+25% 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.
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More buyers than sellers — 69% buying
84 buying37 selling
Last quarter: 84 funds were net buyers (24 opened a brand new position + 60 added to an existing one). Only 37 were sellers (31 trimmed + 6 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+20 vs last Q)
new funds entering per quarter
Funds opening a new TDVG position: 7 → 11 → 4 → 24. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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44% of holders stayed for 2+ years
■ 44% conviction (2yr+)
■ 30% medium
■ 26% new
55 out of 126 hedge funds have held TDVG 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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Acceleration phase — new buyers rushing in
18 → 7 → 11 → 4 → 24 new funds/Q
New funds entering each quarter: 7 → 11 → 4 → 24. 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.
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Deep conviction — 42% of holders stayed 2+ years
■ 42% veterans
■ 23% 1-2yr
■ 35% new
Of 126 current holders: 53 (42%) 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.
✅
Strong quality — 24% AUM from major funds
24% from top-100 AUM funds
15 of 126 holders rank in the top 100 by AUM, accounting for 24% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.