Based on 57 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added IRD 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
57 hedge funds hold IRD 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.
🚀
Fast accumulation — +46% more funds vs a year ago
fund count last 6Q
+18 new funds entered over the past year (+46% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 74% buying
35 buying12 selling
Last quarter: 35 funds were net buyers (17 opened a brand new position + 18 added to an existing one). Only 12 were sellers (7 trimmed + 5 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+8 vs last Q)
new funds entering per quarter
Funds opening a new IRD position: 16 → 7 → 9 → 17. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
📌
Mixed — 39% long-term, 30% new
■ 39% conviction (2yr+)
■ 32% medium
■ 30% new
Of the 57 current holders: 22 (39%) held >2 years, 18 held 1–2 years, and 17 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💰
Value +77% but shares only +47% — price-driven
Last quarter: the total dollar value of institutional holdings rose +77%, but actual share count only changed +47%. 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.
📈
Growing discovery — still being found
12 → 16 → 7 → 9 → 17 new funds/Q
New funds entering each quarter: 16 → 7 → 9 → 17. A growing number of institutions are discovering IRD each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 48% of holders stayed 2+ years
■ 48% veterans
■ 9% 1-2yr
■ 43% new
Of 58 current holders: 28 (48%) 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.
📋
Smaller funds dominant — 12% AUM from top-100
12% from top-100 AUM funds
10 of 57 holders rank in the top 100 by AUM, but together hold only 12% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.2
out of 10
Moderate Exit Risk
Exit risk score 4.2/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.