Based on 196 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 INDI positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (98% of max)
98% of all-time peak
196 hedge funds hold INDI 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 — +7% more funds vs a year ago
fund count last 6Q
+13 new funds entered over the past year (+7% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 50% buying
100 buying99 selling
Last quarter: 100 funds bought or added vs 99 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.
⚠️
Fewer new buyers each quarter (-15 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 26 → 31 → 41 → 26. 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.
🔒
50% of holders stayed for 2+ years
■ 50% conviction (2yr+)
■ 30% medium
■ 20% new
98 out of 196 hedge funds have held INDI 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
42 → 26 → 31 → 41 → 26 new funds/Q
New funds entering each quarter: 26 → 31 → 41 → 26. A growing number of institutions are discovering INDI each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 60% of holders stayed 2+ years
■ 60% veterans
■ 14% 1-2yr
■ 26% new
Of 207 current holders: 124 (60%) 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.
🏆
Elite ownership — 86% AUM from top-100 funds
86% from top-100 AUM funds
35 of 196 holders are among the 100 largest funds by AUM, controlling 86% of total institutional value in INDI. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.