Based on 236 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their TEF positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
236 hedge funds hold TEF 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.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding TEF is almost the same as a year ago (+6 funds, +3% change). No significant rush to buy or sell — institutional backing is holding steady.
🔴
Heavy selling pressure — only 39% buying
90 buying142 selling
Last quarter: 142 funds sold vs only 90 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
📈
More new buyers each quarter (+10 vs last Q)
new funds entering per quarter
Funds opening a new TEF position: 27 → 27 → 30 → 40. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 17% medium
■ 16% new
158 out of 236 hedge funds have held TEF 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.
💎
Buying through price weakness — shares -13%, value -30%
Last quarter: funds added -13% more shares while total portfolio value only changed -30%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
30 → 27 → 27 → 30 → 40 new funds/Q
New funds entering each quarter: 27 → 27 → 30 → 40. A growing number of institutions are discovering TEF each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 64% of holders stayed 2+ years
■ 64% veterans
■ 14% 1-2yr
■ 22% new
Of 236 current holders: 152 (64%) 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.
🏆
Elite ownership — 58% AUM from top-100 funds
58% from top-100 AUM funds
25 of 236 holders are among the 100 largest funds by AUM, controlling 58% of total institutional value in TEF. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.