Based on 31 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their TRVG positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 57% of 3.0Y high
57% of all-time peak
Only 31 funds hold TRVG today versus a peak of 54 funds at 2023 Q1 — just 57% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding TRVG is almost the same as a year ago (-1 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡
Slight buying edge — 54% buying
13 buying11 selling
Last quarter: 13 funds bought or added vs 11 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.
⚠️
Fewer new buyers each quarter (-6 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 10 → 11 → 8 → 2. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
58% of holders stayed for 2+ years
■ 58% conviction (2yr+)
■ 23% medium
■ 19% new
18 out of 31 hedge funds have held TRVG 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.
⚠️
Saturation — most institutions already know this story
7 → 10 → 11 → 8 → 2 new funds/Q
New funds entering each quarter: 10 → 11 → 8 → 2. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
🏛️
Deep conviction — 68% of holders stayed 2+ years
■ 68% veterans
■ 6% 1-2yr
■ 26% new
Of 31 current holders: 21 (68%) 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.
📋
Smaller funds dominant — 7% AUM from top-100
7% from top-100 AUM funds
6 of 31 holders rank in the top 100 by AUM, but together hold only 7% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 1.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.