Based on 116 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their TPYP positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (99% of max)
99% of all-time peak
116 hedge funds hold TPYP 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.
🚀
Fast accumulation — +11500% more funds vs a year ago
fund count last 6Q
+115 new funds entered over the past year (+11500% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟠
More sellers than buyers — 48% buying
48 buying53 selling
Last quarter: 53 funds reduced or exited vs 48 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~16 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 0 → 105 → 20 → 16. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 99% entered in last year
■ 1% conviction (2yr+)
■ 0% medium
■ 99% new
Only 1 funds (1%) 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.
📊
Peak discovery — momentum slowing
0 → 0 → 105 → 20 → 16 new funds/Q
New funds entering each quarter: 0 → 105 → 20 → 16. TPYP is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🌱
Early stage — 99% of holders entered in last year
■ 1% veterans
■ 0% 1-2yr
■ 99% new
Of 116 current holders: 115 (99%) entered in the past year, only 1 (1%) 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.
✅
Strong quality — 37% AUM from major funds
37% from top-100 AUM funds
11 of 116 holders rank in the top 100 by AUM, accounting for 37% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 7.5/10 — multiple crowding signals converge. Institutional ownership is at 99% of its all-time high — near peak crowding. Selling pressure exceeds buying: only 48% of active funds buying. Crowded trades can unwind fast — a single catalyst can trigger a cascade.