Based on 21 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 6 quarters in a row
For 6 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 64% of 3.0Y high
64% of all-time peak
Only 21 funds hold IROHW today versus a peak of 33 funds at 2024 Q4 — just 64% 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 — 22% fewer funds vs a year ago
fund count last 6Q
6 fewer hedge funds hold IROHW compared to a year ago (-22% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 33% buying
1 buying2 selling
Last quarter: 2 funds sold vs only 1 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 3 → 2 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
71% of holders stayed for 2+ years
■ 71% conviction (2yr+)
■ 24% medium
■ 5% new
15 out of 21 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.
💎
Buying through price weakness — shares -8%, value -89%
Last quarter: funds added -8% more shares while total portfolio value only changed -89%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
⚠️
Saturation — most institutions already know this story
4 → 3 → 3 → 2 → 1 new funds/Q
New funds entering each quarter: 3 → 3 → 2 → 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.
🏛️
Veteran-anchored — 62% veterans vs 14% newcomers
■ 62% veterans
■ 24% 1-2yr
■ 14% new
Entry-cohort mix of 21 holders: 13 (62%) are 2+ year veterans, 5 entered 1–2 years ago, and 3 (14%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 2% AUM from top-100
2% from top-100 AUM funds
2 of 21 holders rank in the top 100 by AUM, but together hold only 2% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.