Based on 102 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 9 quarters in a row
For 9 consecutive quarters, more hedge funds added ISPY 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
102 hedge funds hold ISPY 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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Fast accumulation — +44% more funds vs a year ago
fund count last 6Q
+31 new funds entered over the past year (+44% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 68% buying
70 buying33 selling
Last quarter: 70 funds were net buyers (24 opened a brand new position + 46 added to an existing one). Only 33 were sellers (21 trimmed + 12 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+6 vs last Q)
new funds entering per quarter
Funds opening a new ISPY position: 17 → 13 → 18 → 24. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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Mostly new holders — 35% entered in last year
■ 3% conviction (2yr+)
■ 62% medium
■ 35% new
Only 3 funds (3%) 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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Growing discovery — still being found
32 → 17 → 13 → 18 → 24 new funds/Q
New funds entering each quarter: 17 → 13 → 18 → 24. A growing number of institutions are discovering ISPY each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🌱
Early stage — 65% of holders entered in last year
■ 1% veterans
■ 34% 1-2yr
■ 65% new
Of 102 current holders: 66 (65%) entered in the past year, only 1 (1%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
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Elite ownership — 54% AUM from top-100 funds
54% from top-100 AUM funds
9 of 102 holders are among the 100 largest funds by AUM, controlling 54% of total institutional value in ISPY. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.4
out of 10
Moderate Exit Risk
Exit risk score 4.4/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.