Based on 161 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added IAT 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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High ownership — 90% of 3.0Y peak
90% of all-time peak
161 funds currently hold this stock — 90% of the 3.0-year high of 178 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 10% fewer funds vs a year ago
fund count last 6Q
17 fewer hedge funds hold IAT compared to a year ago (-10% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 50% buying
72 buying71 selling
Last quarter: 72 funds bought or added vs 71 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 (+6 vs last Q)
new funds entering per quarter
Funds opening a new IAT position: 18 → 14 → 20 → 26. 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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65% of holders stayed for 2+ years
■ 65% conviction (2yr+)
■ 20% medium
■ 15% new
105 out of 161 hedge funds have held IAT 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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Growing discovery — still being found
48 → 18 → 14 → 20 → 26 new funds/Q
New funds entering each quarter: 18 → 14 → 20 → 26. A growing number of institutions are discovering IAT each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 70% of holders stayed 2+ years
■ 70% veterans
■ 11% 1-2yr
■ 19% new
Of 165 current holders: 116 (70%) 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.
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Elite ownership — 53% AUM from top-100 funds
53% from top-100 AUM funds
15 of 161 holders are among the 100 largest funds by AUM, controlling 53% of total institutional value in IAT. 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 2.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.