Based on 187 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 11 quarters in a row
For 11 consecutive quarters, more hedge funds added IBDX 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
187 hedge funds hold IBDX 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.
🚀
Fast accumulation — +61% more funds vs a year ago
fund count last 6Q
+71 new funds entered over the past year (+61% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 79% buying
143 buying37 selling
Last quarter: 143 funds were net buyers (33 opened a brand new position + 110 added to an existing one). Only 37 were sellers (24 trimmed + 13 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+6 vs last Q)
new funds entering per quarter
Funds opening a new IBDX position: 27 → 26 → 27 → 33. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
📌
Mixed — 34% long-term, 36% new
■ 34% conviction (2yr+)
■ 30% medium
■ 36% new
Of the 187 current holders: 63 (34%) held >2 years, 56 held 1–2 years, and 68 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.
📈
Growing discovery — still being found
16 → 27 → 26 → 27 → 33 new funds/Q
New funds entering each quarter: 27 → 26 → 27 → 33. A growing number of institutions are discovering IBDX each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
📊
Mixed cohorts — 22% veterans, 49% new entrants
■ 22% veterans
■ 29% 1-2yr
■ 49% new
Of 187 current holders: 41 (22%) held 2+ years, 55 held 1–2 years, 91 (49%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 26% AUM from major funds
26% from top-100 AUM funds
13 of 187 holders rank in the top 100 by AUM, accounting for 26% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.6
out of 10
Moderate Exit Risk
Exit risk score 4.6/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.