Based on 92 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds added ICLO 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
92 hedge funds hold ICLO 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 — +46% more funds vs a year ago
fund count last 6Q
+29 new funds entered over the past year (+46% 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 — 61% buying
55 buying35 selling
Last quarter: 55 funds were net buyers (14 opened a brand new position + 41 added to an existing one). Only 35 were sellers (24 trimmed + 11 sold completely). A clear majority buying is a strong confirmation signal.
⚠️
Fewer new buyers each quarter (-9 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 15 → 24 → 23 → 14. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
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Mostly new holders — 47% entered in last year
■ 13% conviction (2yr+)
■ 40% medium
■ 47% new
Only 12 funds (13%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Steady discovery — ~14 new funds/quarter
9 → 15 → 24 → 23 → 14 new funds/Q
New funds entering each quarter: 15 → 24 → 23 → 14. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Early stage — 60% of holders entered in last year
■ 11% veterans
■ 29% 1-2yr
■ 60% new
Of 92 current holders: 55 (60%) entered in the past year, only 10 (11%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
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Elite ownership — 51% AUM from top-100 funds
51% from top-100 AUM funds
12 of 92 holders are among the 100 largest funds by AUM, controlling 51% of total institutional value in ICLO. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.7
out of 10
Moderate Exit Risk
Exit risk score 4.7/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.