Based on 333 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added TOTL 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 (98% of max)
98% of all-time peak
333 hedge funds hold TOTL 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding TOTL is almost the same as a year ago (-6 funds, -2% change). No significant rush to buy or sell — institutional backing is holding steady.
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More buyers than sellers — 63% buying
213 buying127 selling
Last quarter: 213 funds were net buyers (60 opened a brand new position + 153 added to an existing one). Only 127 were sellers (91 trimmed + 36 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+34 vs last Q)
new funds entering per quarter
Funds opening a new TOTL position: 31 → 26 → 26 → 60. 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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67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 18% medium
■ 15% new
222 out of 333 hedge funds have held TOTL 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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Acceleration phase — new buyers rushing in
58 → 31 → 26 → 26 → 60 new funds/Q
New funds entering each quarter: 31 → 26 → 26 → 60. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Deep conviction — 67% of holders stayed 2+ years
■ 67% veterans
■ 11% 1-2yr
■ 22% new
Of 333 current holders: 223 (67%) 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 — 43% AUM from top-100 funds
43% from top-100 AUM funds
16 of 333 holders are among the 100 largest funds by AUM, controlling 43% of total institutional value in TOTL. 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 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.