Based on 9 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added TOGA 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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Below peak — only 64% of 2.2Y high
64% of all-time peak
Only 9 funds hold TOGA today versus a peak of 14 funds at 2025 Q3 — just 64% 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.
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Outflows — 18% fewer funds vs a year ago
fund count last 6Q
2 fewer hedge funds hold TOGA compared to a year ago (-18% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More buyers than sellers — 67% buying
6 buying3 selling
Last quarter: 6 funds were net buyers (4 opened a brand new position + 2 added to an existing one). Only 3 were sellers (2 trimmed + 1 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 3 → 1 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 44% entered in last year
■ 11% conviction (2yr+)
■ 44% medium
■ 44% new
Only 1 funds (11%) 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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Value +43% but shares only +25% — price-driven
Last quarter: the total dollar value of institutional holdings rose +43%, but actual share count only changed +25%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Peak discovery — momentum slowing
5 → 5 → 3 → 1 → 4 new funds/Q
New funds entering each quarter: 5 → 3 → 1 → 4. TOGA is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Early stage — 56% of holders entered in last year
■ 0% veterans
■ 44% 1-2yr
■ 56% new
Of 9 current holders: 5 (56%) entered in the past year, only 0 (0%) 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 — 3% AUM from top-100
3% from top-100 AUM funds
1 of 9 holders rank in the top 100 by AUM, but together hold only 3% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.