Based on 91 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 IIM 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 (96% of max)
96% of all-time peak
91 hedge funds hold IIM 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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Outflows — 4% fewer funds vs a year ago
fund count last 6Q
4 fewer hedge funds hold IIM compared to a year ago (-4% 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 — 61% buying
43 buying27 selling
Last quarter: 43 funds were net buyers (16 opened a brand new position + 27 added to an existing one). Only 27 were sellers (18 trimmed + 9 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new IIM position: 9 → 11 → 9 → 16. 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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59% of holders stayed for 2+ years
■ 59% conviction (2yr+)
■ 19% medium
■ 22% new
54 out of 91 hedge funds have held IIM 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 +0%, value -77%
Last quarter: funds added +0% more shares while total portfolio value only changed -77%. 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
21 → 9 → 11 → 9 → 16 new funds/Q
New funds entering each quarter: 9 → 11 → 9 → 16. A growing number of institutions are discovering IIM each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 62% of holders stayed 2+ years
■ 62% veterans
■ 12% 1-2yr
■ 26% new
Of 91 current holders: 56 (62%) 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 — 45% AUM from top-100 funds
45% from top-100 AUM funds
11 of 91 holders are among the 100 largest funds by AUM, controlling 45% of total institutional value in IIM. 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 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.