Based on 479 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added ICLN 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 (97% of max)
97% of all-time peak
479 hedge funds hold ICLN 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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Fast accumulation — +28% more funds vs a year ago
fund count last 6Q
+105 new funds entered over the past year (+28% 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.
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More buyers than sellers — 65% buying
274 buying147 selling
Last quarter: 274 funds were net buyers (110 opened a brand new position + 164 added to an existing one). Only 147 were sellers (94 trimmed + 53 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+48 vs last Q)
new funds entering per quarter
Funds opening a new ICLN position: 43 → 89 → 62 → 110. 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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57% of holders stayed for 2+ years
■ 57% conviction (2yr+)
■ 19% medium
■ 24% new
275 out of 479 hedge funds have held ICLN 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
36 → 43 → 89 → 62 → 110 new funds/Q
New funds entering each quarter: 43 → 89 → 62 → 110. A growing number of institutions are discovering ICLN each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 64% veterans vs 24% newcomers
■ 64% veterans
■ 12% 1-2yr
■ 24% new
Entry-cohort mix of 493 holders: 317 (64%) are 2+ year veterans, 58 entered 1–2 years ago, and 118 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 42% AUM from top-100 funds
42% from top-100 AUM funds
34 of 473 holders are among the 100 largest funds by AUM, controlling 42% of total institutional value in ICLN. 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 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.