Based on 158 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 ICOW 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 (100% of max)
100% of all-time peak
158 hedge funds hold ICOW 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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Steady growth — +9% more funds vs a year ago
fund count last 6Q
+13 new funds entered over the past year (+9% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 58% buying
81 buying58 selling
Last quarter: 81 funds bought or added vs 58 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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Steady new buyers — ~19 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 23 → 23 → 14 → 19. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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49% of holders stayed for 2+ years
■ 49% conviction (2yr+)
■ 32% medium
■ 19% new
78 out of 158 hedge funds have held ICOW 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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Peak discovery — momentum slowing
24 → 23 → 23 → 14 → 19 new funds/Q
New funds entering each quarter: 23 → 23 → 14 → 19. ICOW is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Deep conviction — 44% of holders stayed 2+ years
■ 44% veterans
■ 28% 1-2yr
■ 27% new
Of 158 current holders: 70 (44%) 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 — 51% AUM from top-100 funds
51% from top-100 AUM funds
13 of 158 holders are among the 100 largest funds by AUM, controlling 51% of total institutional value in ICOW. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.