Based on 37 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 TLX 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
37 hedge funds hold TLX right now — the highest count in 2.0 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 — +3600% more funds vs a year ago
fund count last 6Q
+36 new funds entered over the past year (+3600% 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 — 66% buying
25 buying13 selling
Last quarter: 25 funds were net buyers (15 opened a brand new position + 10 added to an existing one). Only 13 were sellers (9 trimmed + 4 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~15 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 16 → 12 → 15. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 86% entered in last year
■ 0% conviction (2yr+)
■ 14% medium
■ 86% new
Only 0 funds (0%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Buying through price weakness — shares +36%, value +7%
Last quarter: funds added +36% more shares while total portfolio value only changed +7%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
1 → 4 → 16 → 12 → 15 new funds/Q
New funds entering each quarter: 4 → 16 → 12 → 15. A growing number of institutions are discovering TLX each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Early stage — 97% of holders entered in last year
■ 3% veterans
■ 0% 1-2yr
■ 97% new
Of 37 current holders: 36 (97%) entered in the past year, only 1 (3%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
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Smaller funds dominant — 19% AUM from top-100
19% from top-100 AUM funds
5 of 37 holders rank in the top 100 by AUM, but together hold only 19% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 7.2/10 — multiple crowding signals converge. Institutional ownership is at 100% of its all-time high — near peak crowding. Crowded trades can unwind fast — a single catalyst can trigger a cascade.