Based on 13 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their TFJL positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 59% of 3.0Y high
59% of all-time peak
Only 13 funds hold TFJL today versus a peak of 22 funds at 2024 Q4 — just 59% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
📉
Outflows — 13% fewer funds vs a year ago
fund count last 6Q
2 fewer hedge funds hold TFJL compared to a year ago (-13% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟢
More buyers than sellers — 64% buying
7 buying4 selling
Last quarter: 7 funds were net buyers (0 opened a brand new position + 7 added to an existing one). Only 4 were sellers (2 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~0 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 3 → 2 → 0. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 31% long-term, 8% new
■ 31% conviction (2yr+)
■ 62% medium
■ 8% new
Of the 13 current holders: 4 (31%) held >2 years, 8 held 1–2 years, and 1 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
⚠️
Saturation — most institutions already know this story
1 → 3 → 3 → 2 → 0 new funds/Q
New funds entering each quarter: 3 → 3 → 2 → 0. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
📊
Mixed cohorts — 31% veterans, 8% new entrants
■ 31% veterans
■ 62% 1-2yr
■ 8% new
Of 13 current holders: 4 (31%) held 2+ years, 8 held 1–2 years, 1 (8%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 23% AUM from major funds
23% from top-100 AUM funds
2 of 13 holders rank in the top 100 by AUM, accounting for 23% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 1.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.