Based on 169 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added IEO 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
169 hedge funds hold IEO 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 — +13% more funds vs a year ago
fund count last 6Q
+20 new funds entered over the past year (+13% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction. The peak was reached in just 4 quarters from the low — a sharp move.
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More buyers than sellers — 61% buying
87 buying55 selling
Last quarter: 87 funds were net buyers (36 opened a brand new position + 51 added to an existing one). Only 55 were sellers (39 trimmed + 16 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+14 vs last Q)
new funds entering per quarter
Funds opening a new IEO position: 25 → 20 → 22 → 36. 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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60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 20% medium
■ 20% new
102 out of 169 hedge funds have held IEO 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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Value +78% but shares only +32% — price-driven
Last quarter: the total dollar value of institutional holdings rose +78%, but actual share count only changed +32%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Growing discovery — still being found
13 → 25 → 20 → 22 → 36 new funds/Q
New funds entering each quarter: 25 → 20 → 22 → 36. A growing number of institutions are discovering IEO each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 68% veterans vs 22% newcomers
■ 68% veterans
■ 11% 1-2yr
■ 22% new
Entry-cohort mix of 176 holders: 119 (68%) are 2+ year veterans, 19 entered 1–2 years ago, and 38 (22%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 55% AUM from top-100 funds
55% from top-100 AUM funds
24 of 168 holders are among the 100 largest funds by AUM, controlling 55% of total institutional value in IEO. 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 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.