Based on 407 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 TREX positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 82% of 3.0Y peak
82% of all-time peak
407 funds currently hold this stock — 82% of the 3.0-year high of 497 funds (reached 2024 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 7% fewer funds vs a year ago
fund count last 6Q
29 fewer hedge funds hold TREX compared to a year ago (-7% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 45% buying
228 buying282 selling
Last quarter: 282 funds reduced or exited vs 228 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.
📈
More new buyers each quarter (+30 vs last Q)
new funds entering per quarter
Funds opening a new TREX position: 63 → 70 → 69 → 99. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 13% medium
■ 19% new
274 out of 407 hedge funds have held TREX 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 -19%, value -35%
Last quarter: funds added -19% more shares while total portfolio value only changed -35%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
57 → 63 → 70 → 69 → 99 new funds/Q
New funds entering each quarter: 63 → 70 → 69 → 99. A growing number of institutions are discovering TREX each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 74% of holders stayed 2+ years
■ 74% veterans
■ 6% 1-2yr
■ 20% new
Of 424 current holders: 315 (74%) 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 — 49% AUM from top-100 funds
49% from top-100 AUM funds
42 of 407 holders are among the 100 largest funds by AUM, controlling 49% of total institutional value in TREX. 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 2.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.