Based on 169 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added TRNS 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.
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At the ownership peak (100% of max)
100% of all-time peak
169 hedge funds hold TRNS 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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Steady growth — +16% more funds vs a year ago
fund count last 6Q
+23 new funds entered over the past year (+16% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 63% buying
107 buying64 selling
Last quarter: 107 funds were net buyers (34 opened a brand new position + 73 added to an existing one). Only 64 were sellers (40 trimmed + 24 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~34 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 28 → 22 → 37 → 34. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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49% of holders stayed for 2+ years
■ 49% conviction (2yr+)
■ 22% medium
■ 29% new
83 out of 169 hedge funds have held TRNS 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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Value +29% but shares only +13% — price-driven
Last quarter: the total dollar value of institutional holdings rose +29%, but actual share count only changed +13%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Growing discovery — still being found
30 → 28 → 22 → 37 → 34 new funds/Q
New funds entering each quarter: 28 → 22 → 37 → 34. A growing number of institutions are discovering TRNS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 54% veterans vs 33% newcomers
■ 54% veterans
■ 13% 1-2yr
■ 33% new
Entry-cohort mix of 172 holders: 93 (54%) are 2+ year veterans, 22 entered 1–2 years ago, and 57 (33%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 40% AUM from top-100 funds
40% from top-100 AUM funds
44 of 168 holders are among the 100 largest funds by AUM, controlling 40% of total institutional value in TRNS. 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 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.