Based on 10 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their INDL 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 59% of 3.0Y high
59% of all-time peak
Only 10 funds hold INDL today versus a peak of 17 funds at 2025 Q2 — just 59% 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 — 33% fewer funds vs a year ago
fund count last 6Q
5 fewer hedge funds hold INDL compared to a year ago (-33% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 50% buying
8 buying8 selling
Last quarter: 8 funds bought or added vs 8 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 — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 2 → 5 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
50% of holders stayed for 2+ years
■ 50% conviction (2yr+)
■ 10% medium
■ 40% new
5 out of 10 hedge funds have held INDL 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.
💎
Buying through price weakness — shares -18%, value -40%
Last quarter: funds added -18% more shares while total portfolio value only changed -40%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~3 new funds/quarter
3 → 4 → 2 → 5 → 3 new funds/Q
New funds entering each quarter: 4 → 2 → 5 → 3. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 62% veterans vs 31% newcomers
■ 62% veterans
■ 8% 1-2yr
■ 31% new
Entry-cohort mix of 13 holders: 8 (62%) are 2+ year veterans, 1 entered 1–2 years ago, and 4 (31%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 88% AUM from top-100 funds
88% from top-100 AUM funds
4 of 10 holders are among the 100 largest funds by AUM, controlling 88% of total institutional value in INDL. 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 1.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.