Based on 711 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 IJT 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
711 hedge funds hold IJT 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding IJT is almost the same as a year ago (+11 funds, +2% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 54% buying
302 buying262 selling
Last quarter: 302 funds bought or added vs 262 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
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More new buyers each quarter (+28 vs last Q)
new funds entering per quarter
Funds opening a new IJT position: 41 → 67 → 57 → 85. 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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69% of holders stayed for 2+ years
■ 69% conviction (2yr+)
■ 17% medium
■ 14% new
490 out of 711 hedge funds have held IJT 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 +132%, value +58%
Last quarter: funds added +132% more shares while total portfolio value only changed +58%. 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
88 → 41 → 67 → 57 → 85 new funds/Q
New funds entering each quarter: 41 → 67 → 57 → 85. A growing number of institutions are discovering IJT each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 68% of holders stayed 2+ years
■ 68% veterans
■ 11% 1-2yr
■ 20% new
Of 713 current holders: 488 (68%) 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 — 66% AUM from top-100 funds
66% from top-100 AUM funds
24 of 711 holders are among the 100 largest funds by AUM, controlling 66% of total institutional value in IJT. 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 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.