Based on 22 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added TRND 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 (96% of max)
96% of all-time peak
22 hedge funds hold TRND 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.
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Outflows — 4% fewer funds vs a year ago
fund count last 6Q
1 fewer hedge funds hold TRND compared to a year ago (-4% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 38% buying
8 buying13 selling
Last quarter: 13 funds sold vs only 8 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 3 → 3 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
68% of holders stayed for 2+ years
■ 68% conviction (2yr+)
■ 9% medium
■ 23% new
15 out of 22 hedge funds have held TRND 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 — ~3 new funds/quarter
6 → 1 → 3 → 3 → 3 new funds/Q
New funds entering each quarter: 1 → 3 → 3 → 3. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 73% of holders stayed 2+ years
■ 73% veterans
■ 5% 1-2yr
■ 23% new
Of 22 current holders: 16 (73%) 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 — 34% AUM from major funds
34% from top-100 AUM funds
6 of 22 holders rank in the top 100 by AUM, accounting for 34% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.1
out of 10
Moderate Exit Risk
Exit risk score 4.1/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.