Based on 45 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds added TEQI 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
45 hedge funds hold TEQI 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 — +29% more funds vs a year ago
fund count last 6Q
+10 new funds entered over the past year (+29% 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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Slight buying edge — 57% buying
23 buying17 selling
Last quarter: 23 funds bought or added vs 17 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 — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 8 → 5 → 5 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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47% of holders stayed for 2+ years
■ 47% conviction (2yr+)
■ 31% medium
■ 22% new
21 out of 45 hedge funds have held TEQI 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 — ~7 new funds/quarter
5 → 8 → 5 → 5 → 7 new funds/Q
New funds entering each quarter: 8 → 5 → 5 → 7. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 44% of holders stayed 2+ years
■ 44% veterans
■ 27% 1-2yr
■ 29% new
Of 45 current holders: 20 (44%) 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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Strong quality — 22% AUM from major funds
22% from top-100 AUM funds
7 of 45 holders rank in the top 100 by AUM, accounting for 22% 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.