Based on 352 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added ICVT 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
352 hedge funds hold ICVT 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 — +12% more funds vs a year ago
fund count last 6Q
+37 new funds entered over the past year (+12% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 68% buying
238 buying114 selling
Last quarter: 238 funds were net buyers (62 opened a brand new position + 176 added to an existing one). Only 114 were sellers (79 trimmed + 35 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+17 vs last Q)
new funds entering per quarter
Funds opening a new ICVT position: 50 → 36 → 45 → 62. 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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52% of holders stayed for 2+ years
■ 52% conviction (2yr+)
■ 28% medium
■ 20% new
182 out of 352 hedge funds have held ICVT 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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Buying through price weakness — shares +4%, value -81%
Last quarter: funds added +4% more shares while total portfolio value only changed -81%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
60 → 50 → 36 → 45 → 62 new funds/Q
New funds entering each quarter: 50 → 36 → 45 → 62. A growing number of institutions are discovering ICVT each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 57% of holders stayed 2+ years
■ 57% veterans
■ 16% 1-2yr
■ 28% new
Of 352 current holders: 199 (57%) 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 — 42% AUM from top-100 funds
42% from top-100 AUM funds
16 of 352 holders are among the 100 largest funds by AUM, controlling 42% of total institutional value in ICVT. 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.