Based on 13 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 TUG positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 72% of 3.0Y peak
72% of all-time peak
13 funds currently hold this stock — 72% of the 3.0-year high of 18 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 24% fewer funds vs a year ago
fund count last 6Q
4 fewer hedge funds hold TUG compared to a year ago (-24% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 25% buying
3 buying9 selling
Last quarter: 9 funds sold vs only 3 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~0 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 2 → 5 → 0. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 38% long-term, 15% new
■ 38% conviction (2yr+)
■ 46% medium
■ 15% new
Of the 13 current holders: 5 (38%) held >2 years, 6 held 1–2 years, and 2 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💰
Price up while funds trimmed (+22% value, -4% shares)
Last quarter: total value of institutional TUG holdings rose +22% even though funds reduced share count by 4%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
➡️
Steady discovery — ~0 new funds/quarter
5 → 2 → 2 → 5 → 0 new funds/Q
New funds entering each quarter: 2 → 2 → 5 → 0. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 46% veterans vs 23% newcomers
■ 46% veterans
■ 31% 1-2yr
■ 23% new
Entry-cohort mix of 13 holders: 6 (46%) are 2+ year veterans, 4 entered 1–2 years ago, and 3 (23%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 47% AUM from top-100 funds
47% from top-100 AUM funds
5 of 13 holders are among the 100 largest funds by AUM, controlling 47% of total institutional value in TUG. 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 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.