Based on 184 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their TRST positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (99% of max)
99% of all-time peak
184 hedge funds hold TRST 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 — +15% more funds vs a year ago
fund count last 6Q
+24 new funds entered over the past year (+15% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠
More sellers than buyers — 48% buying
78 buying84 selling
Last quarter: 84 funds reduced or exited vs 78 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.
➡️
Steady new buyers — ~24 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 19 → 29 → 27 → 24. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
66% of holders stayed for 2+ years
■ 66% conviction (2yr+)
■ 16% medium
■ 18% new
121 out of 184 hedge funds have held TRST 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.
💰
Value +26% but shares only +10% — price-driven
Last quarter: the total dollar value of institutional holdings rose +26%, but actual share count only changed +10%. 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.
➡️
Steady discovery — ~24 new funds/quarter
20 → 19 → 29 → 27 → 24 new funds/Q
New funds entering each quarter: 19 → 29 → 27 → 24. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 67% veterans vs 22% newcomers
■ 67% veterans
■ 11% 1-2yr
■ 22% new
Entry-cohort mix of 184 holders: 123 (67%) are 2+ year veterans, 20 entered 1–2 years ago, and 41 (22%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 60% AUM from top-100 funds
60% from top-100 AUM funds
41 of 184 holders are among the 100 largest funds by AUM, controlling 60% of total institutional value in TRST. 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.