Based on 193 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added IAI 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.
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At the ownership peak (100% of max)
100% of all-time peak
193 hedge funds hold IAI 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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Steady growth — +8% more funds vs a year ago
fund count last 6Q
+15 new funds entered over the past year (+8% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 55% buying
95 buying77 selling
Last quarter: 95 funds bought or added vs 77 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.
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More new buyers each quarter (+13 vs last Q)
new funds entering per quarter
Funds opening a new IAI position: 29 → 29 → 24 → 37. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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46% of holders stayed for 2+ years
■ 46% conviction (2yr+)
■ 33% medium
■ 21% new
89 out of 193 hedge funds have held IAI 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 (+29% value, -16% shares)
Last quarter: total value of institutional IAI holdings rose +29% even though funds reduced share count by 16%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Steady discovery — ~37 new funds/quarter
31 → 29 → 29 → 24 → 37 new funds/Q
New funds entering each quarter: 29 → 29 → 24 → 37. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 53% veterans vs 26% newcomers
■ 53% veterans
■ 21% 1-2yr
■ 26% new
Entry-cohort mix of 196 holders: 104 (53%) are 2+ year veterans, 42 entered 1–2 years ago, and 50 (26%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 45% AUM from top-100 funds
45% from top-100 AUM funds
23 of 192 holders are among the 100 largest funds by AUM, controlling 45% of total institutional value in IAI. 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 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.