Based on 16 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their IXHL 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 59% of 2.8Y high
59% of all-time peak
Only 16 funds hold IXHL today versus a peak of 27 funds at 2025 Q4 — just 59% 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.
🚀
Fast accumulation — +33% more funds vs a year ago
fund count last 6Q
+4 new funds entered over the past year (+33% 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 sellers than buyers — 46% buying
11 buying13 selling
Last quarter: 13 funds reduced or exited vs 11 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 16 → 10 → 6 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 25% long-term, 38% new
■ 25% conviction (2yr+)
■ 38% medium
■ 38% new
Of the 16 current holders: 4 (25%) held >2 years, 6 held 1–2 years, and 6 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
⚠️
Saturation — most institutions already know this story
8 → 16 → 10 → 6 → 7 new funds/Q
New funds entering each quarter: 16 → 10 → 6 → 7. 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.
🌱
Early stage — 59% of holders entered in last year
■ 35% veterans
■ 6% 1-2yr
■ 59% new
Of 17 current holders: 10 (59%) entered in the past year, only 6 (35%) 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.
🏆
Elite ownership — 75% AUM from top-100 funds
75% from top-100 AUM funds
8 of 16 holders are among the 100 largest funds by AUM, controlling 75% of total institutional value in IXHL. 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.