Based on 22 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds reduced or closed their IROHW positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 67% of 3.0Y high
67% of all-time peak
Only 22 funds hold IROHW today versus a peak of 33 funds at 2024 Q4 — just 67% 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 — 29% fewer funds vs a year ago
fund count last 6Q
9 fewer hedge funds hold IROHW compared to a year ago (-29% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 40% buying
2 buying3 selling
Last quarter: 3 funds reduced or exited vs 2 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.
➡️
Steady new buyers — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 3 → 3 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
41% of holders stayed for 2+ years
■ 41% conviction (2yr+)
■ 45% medium
■ 14% new
9 out of 22 hedge funds have held IROHW 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 +763% but shares only +7% — price-driven
Last quarter: the total dollar value of institutional holdings rose +763%, but actual share count only changed +7%. 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
3 → 4 → 3 → 3 → 2 new funds/Q
New funds entering each quarter: 4 → 3 → 3 → 2. IROHW is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
📊
Mixed cohorts — 5% veterans, 23% new entrants
■ 5% veterans
■ 73% 1-2yr
■ 23% new
Of 22 current holders: 1 (5%) held 2+ years, 16 held 1–2 years, 5 (23%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 89% AUM from top-100 funds
89% from top-100 AUM funds
3 of 22 holders are among the 100 largest funds by AUM, controlling 89% of total institutional value in IROHW. 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 2.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.