Based on 13 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added IROH 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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Below peak — only 33% of 3.0Y high
33% of all-time peak
Only 13 funds hold IROH today versus a peak of 39 funds at 2024 Q3 — just 33% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 32% fewer funds vs a year ago
fund count last 6Q
6 fewer hedge funds hold IROH compared to a year ago (-32% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More buyers than sellers — 100% buying
1 buying0 selling
Last quarter: 1 funds were net buyers (1 opened a brand new position + 0 added to an existing one). Only 0 were sellers (0 trimmed + 0 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 9 → 1 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 15% entered in last year
■ 15% conviction (2yr+)
■ 69% medium
■ 15% new
Only 2 funds (15%) 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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Saturation — most institutions already know this story
2 → 2 → 9 → 1 → 1 new funds/Q
New funds entering each quarter: 2 → 9 → 1 → 1. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
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Veteran-anchored — 46% veterans vs 15% newcomers
■ 46% veterans
■ 38% 1-2yr
■ 15% new
Entry-cohort mix of 13 holders: 6 (46%) are 2+ year veterans, 5 entered 1–2 years ago, and 2 (15%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 11% AUM from top-100
11% from top-100 AUM funds
5 of 13 holders rank in the top 100 by AUM, but together hold only 11% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 1.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.