Based on 640 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added TM 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
640 hedge funds hold TM 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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Steady growth — +13% more funds vs a year ago
fund count last 6Q
+73 new funds entered over the past year (+13% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 65% buying
396 buying209 selling
Last quarter: 396 funds were net buyers (123 opened a brand new position + 273 added to an existing one). Only 209 were sellers (143 trimmed + 66 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+36 vs last Q)
new funds entering per quarter
Funds opening a new TM position: 72 → 72 → 87 → 123. 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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60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 20% medium
■ 20% new
382 out of 640 hedge funds have held TM 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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Growing discovery — still being found
94 → 72 → 72 → 87 → 123 new funds/Q
New funds entering each quarter: 72 → 72 → 87 → 123. A growing number of institutions are discovering TM each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 63% of holders stayed 2+ years
■ 63% veterans
■ 12% 1-2yr
■ 25% new
Of 657 current holders: 415 (63%) 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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Elite ownership — 65% AUM from top-100 funds
65% from top-100 AUM funds
30 of 640 holders are among the 100 largest funds by AUM, controlling 65% of total institutional value in TM. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.