Based on 14 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their TOUR positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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Below peak — only 58% of 3.0Y high
58% of all-time peak
Only 14 funds hold TOUR today versus a peak of 24 funds at 2025 Q4 — just 58% 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
3 fewer hedge funds hold TOUR 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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Heavy selling pressure — only 10% buying
2 buying19 selling
Last quarter: 19 funds sold vs only 2 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 9 → 2 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
93% of holders stayed for 2+ years
■ 93% conviction (2yr+)
■ 0% medium
■ 7% new
13 out of 14 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.
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Price up while funds trimmed (-50% value, -92% shares)
Last quarter: total value of institutional TOUR holdings rose -50% even though funds reduced share count by 92%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
⚠️
Saturation — most institutions already know this story
4 → 2 → 9 → 2 → 2 new funds/Q
New funds entering each quarter: 2 → 9 → 2 → 2. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
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Veteran-anchored — 86% veterans vs 7% newcomers
■ 86% veterans
■ 7% 1-2yr
■ 7% new
Entry-cohort mix of 14 holders: 12 (86%) are 2+ year veterans, 1 entered 1–2 years ago, and 1 (7%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 88% AUM from top-100 funds
88% from top-100 AUM funds
9 of 13 holders are among the 100 largest funds by AUM, controlling 88% 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 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.