Based on 218 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 IWX 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 (100% of max)
100% of all-time peak
218 hedge funds hold IWX 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 — +36% more funds vs a year ago
fund count last 6Q
+58 new funds entered over the past year (+36% 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 — 66% buying
125 buying63 selling
Last quarter: 125 funds were net buyers (46 opened a brand new position + 79 added to an existing one). Only 63 were sellers (48 trimmed + 15 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+26 vs last Q)
new funds entering per quarter
Funds opening a new IWX position: 52 → 26 → 20 → 46. 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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46% of holders stayed for 2+ years
■ 46% conviction (2yr+)
■ 27% medium
■ 27% new
100 out of 218 hedge funds have held IWX 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 +42% but shares only +23% — price-driven
Last quarter: the total dollar value of institutional holdings rose +42%, but actual share count only changed +23%. 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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Peak discovery — momentum slowing
26 → 52 → 26 → 20 → 46 new funds/Q
New funds entering each quarter: 52 → 26 → 20 → 46. IWX is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Deep conviction — 51% of holders stayed 2+ years
■ 51% veterans
■ 16% 1-2yr
■ 33% new
Of 218 current holders: 111 (51%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
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Smaller funds dominant — 13% AUM from top-100
13% from top-100 AUM funds
18 of 218 holders rank in the top 100 by AUM, but together hold only 13% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.