Based on 122 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added TRUE 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
122 hedge funds hold TRUE 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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Fast accumulation — +22% more funds vs a year ago
fund count last 6Q
+22 new funds entered over the past year (+22% 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.
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More sellers than buyers — 49% buying
61 buying63 selling
Last quarter: 63 funds reduced or exited vs 61 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.
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More new buyers each quarter (+27 vs last Q)
new funds entering per quarter
Funds opening a new TRUE position: 20 → 16 → 14 → 41. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
57% of holders stayed for 2+ years
■ 57% conviction (2yr+)
■ 16% medium
■ 27% new
69 out of 122 hedge funds have held TRUE 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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Price up while funds trimmed (+20% value, -2% shares)
Last quarter: total value of institutional TRUE holdings rose +20% even though funds reduced share count by 2%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Acceleration phase — new buyers rushing in
16 → 20 → 16 → 14 → 41 new funds/Q
New funds entering each quarter: 20 → 16 → 14 → 41. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Deep conviction — 67% of holders stayed 2+ years
■ 67% veterans
■ 5% 1-2yr
■ 28% new
Of 124 current holders: 83 (67%) 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 — 25% AUM from major funds
25% from top-100 AUM funds
24 of 122 holders rank in the top 100 by AUM, accounting for 25% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.