Based on 178 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added INVX 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.
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At the ownership peak (100% of max)
100% of all-time peak
178 hedge funds hold INVX 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.
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Steady growth — +13% more funds vs a year ago
fund count last 6Q
+20 new funds entered over the past year (+13% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 57% buying
99 buying75 selling
Last quarter: 99 funds bought or added vs 75 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.
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More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new INVX position: 30 → 22 → 26 → 33. 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 — 30% entered in last year
■ 4% conviction (2yr+)
■ 66% medium
■ 30% new
Only 7 funds (4%) 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.
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Value +22% but shares only +4% — price-driven
Last quarter: the total dollar value of institutional holdings rose +22%, but actual share count only changed +4%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Growing discovery — still being found
26 → 30 → 22 → 26 → 33 new funds/Q
New funds entering each quarter: 30 → 22 → 26 → 33. A growing number of institutions are discovering INVX each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Mixed cohorts — 4% veterans, 36% new entrants
■ 4% veterans
■ 59% 1-2yr
■ 36% new
Of 179 current holders: 8 (4%) held 2+ years, 106 held 1–2 years, 65 (36%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Strong quality — 39% AUM from major funds
39% from top-100 AUM funds
36 of 178 holders rank in the top 100 by AUM, accounting for 39% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.