Based on 157 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added TRIN 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
157 hedge funds hold TRIN 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 — +41% more funds vs a year ago
fund count last 6Q
+46 new funds entered over the past year (+41% 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 buyers than sellers — 65% buying
98 buying52 selling
Last quarter: 98 funds were net buyers (41 opened a brand new position + 57 added to an existing one). Only 52 were sellers (38 trimmed + 14 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+16 vs last Q)
new funds entering per quarter
Funds opening a new TRIN position: 32 → 26 → 25 → 41. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
📌
Mixed — 29% long-term, 32% new
■ 29% conviction (2yr+)
■ 39% medium
■ 32% new
Of the 157 current holders: 45 (29%) held >2 years, 61 held 1–2 years, and 51 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
📈
Growing discovery — still being found
29 → 32 → 26 → 25 → 41 new funds/Q
New funds entering each quarter: 32 → 26 → 25 → 41. A growing number of institutions are discovering TRIN each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
📊
Mixed cohorts — 35% veterans, 40% new entrants
■ 35% veterans
■ 25% 1-2yr
■ 40% new
Of 160 current holders: 56 (35%) held 2+ years, 40 held 1–2 years, 64 (40%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 21% AUM from major funds
21% from top-100 AUM funds
17 of 157 holders rank in the top 100 by AUM, accounting for 21% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.2
out of 10
Moderate Exit Risk
Exit risk score 4.2/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.