Based on 18 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 IG 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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High ownership — 78% of 3.0Y peak
78% of all-time peak
18 funds currently hold this stock — 78% of the 3.0-year high of 23 funds (reached 2024 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 10% fewer funds vs a year ago
fund count last 6Q
2 fewer hedge funds hold IG compared to a year ago (-10% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More buyers than sellers — 71% buying
12 buying5 selling
Last quarter: 12 funds were net buyers (4 opened a brand new position + 8 added to an existing one). Only 5 were sellers (2 trimmed + 3 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 5 → 2 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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61% of holders stayed for 2+ years
■ 61% conviction (2yr+)
■ 28% medium
■ 11% new
11 out of 18 hedge funds have held IG 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
4 → 3 → 5 → 2 → 4 new funds/Q
New funds entering each quarter: 3 → 5 → 2 → 4. IG 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 — 50% of holders stayed 2+ years
■ 50% veterans
■ 28% 1-2yr
■ 22% new
Of 18 current holders: 9 (50%) 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 — 44% AUM from top-100 funds
44% from top-100 AUM funds
9 of 18 holders are among the 100 largest funds by AUM, controlling 44% of total institutional value in IG. 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 2.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.