Based on 9 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their IMCC positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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Below peak — only 60% of 1.8Y high
60% of all-time peak
Only 9 funds hold IMCC today versus a peak of 15 funds at 2025 Q2 — just 60% 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.
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Outflows — 18% fewer funds vs a year ago
fund count last 6Q
2 fewer hedge funds hold IMCC compared to a year ago (-18% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 17% buying
1 buying5 selling
Last quarter: 5 funds sold vs only 1 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
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Steady new buyers — ~0 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 3 → 2 → 0. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 11% entered in last year
■ 0% conviction (2yr+)
■ 89% medium
■ 11% 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
2 → 5 → 3 → 2 → 0 new funds/Q
New funds entering each quarter: 5 → 3 → 2 → 0. 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.
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Mixed cohorts — 0% veterans, 33% new entrants
■ 0% veterans
■ 67% 1-2yr
■ 33% new
Of 9 current holders: 0 (0%) held 2+ years, 6 held 1–2 years, 3 (33%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 42% AUM from top-100 funds
42% from top-100 AUM funds
2 of 9 holders are among the 100 largest funds by AUM, controlling 42% of total institutional value in IMCC. 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 2.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.