Based on 8 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their ILLR positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 14% of 2.2Y high
14% of all-time peak
Only 8 funds hold ILLR today versus a peak of 56 funds at 2025 Q3 — just 14% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
📉
Outflows — 60% fewer funds vs a year ago
fund count last 6Q
12 fewer hedge funds hold ILLR compared to a year ago (-60% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 5% buying
3 buying52 selling
Last quarter: 52 funds sold vs only 3 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-14 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 15 → 28 → 16 → 2. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔄
Mostly new holders — 88% entered in last year
■ 0% conviction (2yr+)
■ 12% medium
■ 88% new
Only 0 funds (0%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
⚠️
Saturation — most institutions already know this story
20 → 15 → 28 → 16 → 2 new funds/Q
New funds entering each quarter: 15 → 28 → 16 → 2. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
🌱
Early stage — 88% of holders entered in last year
■ 12% veterans
■ 0% 1-2yr
■ 88% new
Of 8 current holders: 7 (88%) entered in the past year, only 1 (12%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
📋
Smaller funds dominant — 19% AUM from top-100
19% from top-100 AUM funds
1 of 8 holders rank in the top 100 by AUM, but together hold only 19% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.5
out of 10
Moderate Exit Risk
Exit risk score 4.5/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.