Based on 25 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added TPCS 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
25 hedge funds hold TPCS 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 — +19% more funds vs a year ago
fund count last 6Q
+4 new funds entered over the past year (+19% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 61% buying
14 buying9 selling
Last quarter: 14 funds were net buyers (4 opened a brand new position + 10 added to an existing one). Only 9 were sellers (7 trimmed + 2 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: 2 → 3 → 3 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
44% of holders stayed for 2+ years
■ 44% conviction (2yr+)
■ 32% medium
■ 24% new
11 out of 25 hedge funds have held TPCS 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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Steady discovery — ~4 new funds/quarter
2 → 2 → 3 → 3 → 4 new funds/Q
New funds entering each quarter: 2 → 3 → 3 → 4. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 52% of holders stayed 2+ years
■ 52% veterans
■ 20% 1-2yr
■ 28% new
Of 25 current holders: 13 (52%) 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.
✅
Strong quality — 27% AUM from major funds
27% from top-100 AUM funds
7 of 25 holders rank in the top 100 by AUM, accounting for 27% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.