Based on 170 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their TWI 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 — 93% of 3.0Y peak
93% of all-time peak
170 funds currently hold this stock — 93% of the 3.0-year high of 182 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding TWI is almost the same as a year ago (-5 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
🔴
Heavy selling pressure — only 39% buying
63 buying98 selling
Last quarter: 98 funds sold vs only 63 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~18 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 30 → 26 → 22 → 18. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
68% of holders stayed for 2+ years
■ 68% conviction (2yr+)
■ 20% medium
■ 12% new
115 out of 170 hedge funds have held TWI 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.
📊
Peak discovery — momentum slowing
34 → 30 → 26 → 22 → 18 new funds/Q
New funds entering each quarter: 30 → 26 → 22 → 18. TWI is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Deep conviction — 72% of holders stayed 2+ years
■ 72% veterans
■ 9% 1-2yr
■ 19% new
Of 173 current holders: 124 (72%) 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 — 34% AUM from major funds
34% from top-100 AUM funds
33 of 170 holders rank in the top 100 by AUM, accounting for 34% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.