Based on 395 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added IRT 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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At the ownership peak (99% of max)
99% of all-time peak
395 hedge funds hold IRT 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.
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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding IRT is almost the same as a year ago (+8 funds, +2% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 52% buying
191 buying178 selling
Last quarter: 191 funds bought or added vs 178 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
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Steady new buyers — ~51 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 47 → 54 → 50 → 51. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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66% of holders stayed for 2+ years
■ 66% conviction (2yr+)
■ 18% medium
■ 15% new
262 out of 395 hedge funds have held IRT 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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Value +23% but shares only +4% — price-driven
Last quarter: the total dollar value of institutional holdings rose +23%, but actual share count only changed +4%. 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.
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Steady discovery — ~51 new funds/quarter
43 → 47 → 54 → 50 → 51 new funds/Q
New funds entering each quarter: 47 → 54 → 50 → 51. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 72% veterans vs 15% newcomers
■ 72% veterans
■ 13% 1-2yr
■ 15% new
Entry-cohort mix of 395 holders: 284 (72%) are 2+ year veterans, 52 entered 1–2 years ago, and 59 (15%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 52% AUM from top-100 funds
52% from top-100 AUM funds
57 of 393 holders are among the 100 largest funds by AUM, controlling 52% of total institutional value in IRT. 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 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.