Based on 190 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added ILCB 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
190 hedge funds hold ILCB 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.
📶
Steady growth — +11% more funds vs a year ago
fund count last 6Q
+19 new funds entered over the past year (+11% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 54% buying
78 buying67 selling
Last quarter: 78 funds bought or added vs 67 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.
➡️
Steady new buyers — ~22 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 13 → 24 → 23 → 22. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
59% of holders stayed for 2+ years
■ 59% conviction (2yr+)
■ 21% medium
■ 20% new
112 out of 190 hedge funds have held ILCB 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.
📈
Growing discovery — still being found
19 → 13 → 24 → 23 → 22 new funds/Q
New funds entering each quarter: 13 → 24 → 23 → 22. A growing number of institutions are discovering ILCB each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 61% veterans vs 24% newcomers
■ 61% veterans
■ 15% 1-2yr
■ 24% new
Entry-cohort mix of 190 holders: 116 (61%) are 2+ year veterans, 29 entered 1–2 years ago, and 45 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 42% AUM from top-100 funds
42% from top-100 AUM funds
22 of 190 holders are among the 100 largest funds by AUM, controlling 42% of total institutional value in ILCB. 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.