Based on 10 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added IPHA 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.
📊
High ownership — 91% of 3.0Y peak
91% of all-time peak
10 funds currently hold this stock — 91% of the 3.0-year high of 11 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +11% more funds vs a year ago
fund count last 6Q
+1 new funds entered over the past year (+11% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 50% buying
5 buying5 selling
Last quarter: 5 funds bought or added vs 5 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: 1 → 5 → 1 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
40% of holders stayed for 2+ years
■ 40% conviction (2yr+)
■ 30% medium
■ 30% new
4 out of 10 hedge funds have held IPHA 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.
💰
Value +50% but shares only +5% — price-driven
Last quarter: the total dollar value of institutional holdings rose +50%, but actual share count only changed +5%. 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.
📊
Peak discovery — momentum slowing
1 → 1 → 5 → 1 → 3 new funds/Q
New funds entering each quarter: 1 → 5 → 1 → 3. IPHA is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 50% veterans vs 40% newcomers
■ 50% veterans
■ 10% 1-2yr
■ 40% new
Entry-cohort mix of 10 holders: 5 (50%) are 2+ year veterans, 1 entered 1–2 years ago, and 4 (40%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 32% AUM from major funds
32% from top-100 AUM funds
4 of 10 holders rank in the top 100 by AUM, accounting for 32% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.