Based on 89 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 7 quarters in a row
For 7 consecutive quarters, more hedge funds added INCM 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
89 hedge funds hold INCM right now — the highest count in 2.8 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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Fast accumulation — +65% more funds vs a year ago
fund count last 6Q
+35 new funds entered over the past year (+65% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 75% buying
67 buying22 selling
Last quarter: 67 funds were net buyers (17 opened a brand new position + 50 added to an existing one). Only 22 were sellers (17 trimmed + 5 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+9 vs last Q)
new funds entering per quarter
Funds opening a new INCM position: 15 → 9 → 8 → 17. 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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Mostly new holders — 34% entered in last year
■ 20% conviction (2yr+)
■ 46% medium
■ 34% new
Only 18 funds (20%) 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.
➡️
Steady discovery — ~17 new funds/quarter
15 → 15 → 9 → 8 → 17 new funds/Q
New funds entering each quarter: 15 → 9 → 8 → 17. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 55% of holders entered in last year
■ 12% veterans
■ 33% 1-2yr
■ 55% new
Of 89 current holders: 49 (55%) entered in the past year, only 11 (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.
🏆
Elite ownership — 51% AUM from top-100 funds
51% from top-100 AUM funds
12 of 89 holders are among the 100 largest funds by AUM, controlling 51% of total institutional value in INCM. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.4
out of 10
Moderate Exit Risk
Exit risk score 4.4/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.