Based on 272 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their IPAR positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 93% of 3.0Y peak
93% of all-time peak
272 funds currently hold this stock — 93% of the 3.0-year high of 291 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +6% more funds vs a year ago
fund count last 6Q
+15 new funds entered over the past year (+6% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠
More sellers than buyers — 46% buying
138 buying160 selling
Last quarter: 160 funds reduced or exited vs 138 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️
Fewer new buyers each quarter (-10 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 45 → 57 → 52 → 42. 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.
🔒
60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 21% medium
■ 19% new
163 out of 272 hedge funds have held IPAR 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.
➡️
Steady discovery — ~42 new funds/quarter
33 → 45 → 57 → 52 → 42 new funds/Q
New funds entering each quarter: 45 → 57 → 52 → 42. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 66% of holders stayed 2+ years
■ 66% veterans
■ 12% 1-2yr
■ 22% new
Of 273 current holders: 179 (66%) 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 — 49% AUM from top-100 funds
49% from top-100 AUM funds
38 of 272 holders are among the 100 largest funds by AUM, controlling 49% of total institutional value in IPAR. 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 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.