Based on 330 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added ICF 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 (97% of max)
97% of all-time peak
330 hedge funds hold ICF 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.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding ICF is almost the same as a year ago (-9 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡
Slight buying edge — 54% buying
145 buying125 selling
Last quarter: 145 funds bought or added vs 125 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.
📈
More new buyers each quarter (+23 vs last Q)
new funds entering per quarter
Funds opening a new ICF position: 21 → 17 → 20 → 43. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
72% of holders stayed for 2+ years
■ 72% conviction (2yr+)
■ 17% medium
■ 12% new
237 out of 330 hedge funds have held ICF 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.
🚀
Acceleration phase — new buyers rushing in
35 → 21 → 17 → 20 → 43 new funds/Q
New funds entering each quarter: 21 → 17 → 20 → 43. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️
Deep conviction — 71% of holders stayed 2+ years
■ 71% veterans
■ 12% 1-2yr
■ 17% new
Of 330 current holders: 233 (71%) 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 — 36% AUM from major funds
36% from top-100 AUM funds
22 of 330 holders rank in the top 100 by AUM, accounting for 36% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.