Based on 24 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added TOUR 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
24 hedge funds hold TOUR 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.
📶
Steady growth — +20% more funds vs a year ago
fund count last 6Q
+4 new funds entered over the past year (+20% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction. The peak was reached in just 3 quarters from the low — a sharp move.
🟢
More buyers than sellers — 68% buying
15 buying7 selling
Last quarter: 15 funds were net buyers (9 opened a brand new position + 6 added to an existing one). Only 7 were sellers (6 trimmed + 1 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new TOUR position: 1 → 4 → 2 → 9. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
71% of holders stayed for 2+ years
■ 71% conviction (2yr+)
■ 17% medium
■ 12% new
17 out of 24 hedge funds have held TOUR 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.
💎
Buying through price weakness — shares +25%, value -19%
Last quarter: funds added +25% more shares while total portfolio value only changed -19%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~9 new funds/quarter
4 → 1 → 4 → 2 → 9 new funds/Q
New funds entering each quarter: 1 → 4 → 2 → 9. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 88% of holders stayed 2+ years
■ 88% veterans
■ 4% 1-2yr
■ 8% new
Of 25 current holders: 22 (88%) 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.
🏆
Elite ownership — 86% AUM from top-100 funds
86% from top-100 AUM funds
7 of 24 holders are among the 100 largest funds by AUM, controlling 86% of total institutional value in TOUR. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.