Based on 25 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added ITWO 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 31% of 3.0Y high
31% of all-time peak
Only 25 funds hold ITWO today versus a peak of 80 funds at 2009 Q3 — just 31% 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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Fast accumulation — +92% more funds vs a year ago
fund count last 6Q
+12 new funds entered over the past year (+92% 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.
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More buyers than sellers — 80% buying
16 buying4 selling
Last quarter: 16 funds were net buyers (8 opened a brand new position + 8 added to an existing one). Only 4 were sellers (2 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~8 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 1 → 6 → 8. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 40% entered in last year
■ 24% conviction (2yr+)
■ 36% medium
■ 40% new
Only 6 funds (24%) 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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Steady discovery — ~8 new funds/quarter
5 → 3 → 1 → 6 → 8 new funds/Q
New funds entering each quarter: 3 → 1 → 6 → 8. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Early stage — 60% of holders entered in last year
■ 32% veterans
■ 8% 1-2yr
■ 60% new
Of 25 current holders: 15 (60%) entered in the past year, only 8 (32%) 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 — 52% AUM from top-100 funds
52% from top-100 AUM funds
7 of 25 holders are among the 100 largest funds by AUM, controlling 52% of total institutional value in ITWO. 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 2.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.