Based on 291 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds added TRIP 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 (99% of max)
99% of all-time peak
291 hedge funds hold TRIP 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 — +11% more funds vs a year ago
fund count last 6Q
+29 new funds entered over the past year (+11% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction. The peak was reached in just 2 quarters from the low — a sharp move.
🟡
Slight buying edge — 53% buying
167 buying148 selling
Last quarter: 167 funds bought or added vs 148 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️
Steady new buyers — ~55 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 51 → 47 → 53 → 55. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 19% medium
■ 19% new
183 out of 291 hedge funds have held TRIP 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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Growing discovery — still being found
42 → 51 → 47 → 53 → 55 new funds/Q
New funds entering each quarter: 51 → 47 → 53 → 55. A growing number of institutions are discovering TRIP each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 70% of holders stayed 2+ years
■ 70% veterans
■ 6% 1-2yr
■ 24% new
Of 318 current holders: 223 (70%) 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 — 38% AUM from major funds
38% from top-100 AUM funds
37 of 291 holders rank in the top 100 by AUM, accounting for 38% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.