Based on 14 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their ICUCW positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 47% of 3.0Y high
47% of all-time peak
Only 14 funds hold ICUCW today versus a peak of 30 funds at 2023 Q1 — just 47% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
📶
Steady growth — +8% more funds vs a year ago
fund count last 6Q
+1 new funds entered over the past year (+8% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🔴
Heavy selling pressure — only 38% buying
3 buying5 selling
Last quarter: 5 funds sold vs only 3 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 1 → 3 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
79% of holders stayed for 2+ years
■ 79% conviction (2yr+)
■ 7% medium
■ 14% new
11 out of 14 hedge funds have held ICUCW 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.
💎
Buying through price weakness — shares -11%, value -99%
Last quarter: funds added -11% more shares while total portfolio value only changed -99%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~3 new funds/quarter
0 → 2 → 1 → 3 → 3 new funds/Q
New funds entering each quarter: 2 → 1 → 3 → 3. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 93% of holders stayed 2+ years
■ 93% veterans
■ 0% 1-2yr
■ 7% new
Of 14 current holders: 13 (93%) 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.
📋
Smaller funds dominant — 8% AUM from top-100
8% from top-100 AUM funds
3 of 14 holders rank in the top 100 by AUM, but together hold only 8% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 1.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.