Based on 934 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their IRM positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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High ownership — 94% of 3.0Y peak
94% of all-time peak
934 funds currently hold this stock — 94% of the 3.0-year high of 997 funds (reached 2024 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 4% fewer funds vs a year ago
fund count last 6Q
42 fewer hedge funds hold IRM compared to a year ago (-4% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More sellers than buyers — 46% buying
425 buying507 selling
Last quarter: 507 funds reduced or exited vs 425 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.
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More new buyers each quarter (+38 vs last Q)
new funds entering per quarter
Funds opening a new IRM position: 91 → 117 → 76 → 114. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 19% medium
■ 14% new
627 out of 934 hedge funds have held IRM 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.
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Buying through price weakness — shares +3%, value -16%
Last quarter: funds added +3% more shares while total portfolio value only changed -16%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~114 new funds/quarter
105 → 91 → 117 → 76 → 114 new funds/Q
New funds entering each quarter: 91 → 117 → 76 → 114. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 69% of holders stayed 2+ years
■ 69% veterans
■ 13% 1-2yr
■ 18% new
Of 963 current holders: 661 (69%) 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.
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Elite ownership — 54% AUM from top-100 funds
54% from top-100 AUM funds
43 of 934 holders are among the 100 largest funds by AUM, controlling 54% of total institutional value in IRM. 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 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.