Based on 120 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds added HIO 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
120 hedge funds hold HIO 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 — +25% more funds vs a year ago
fund count last 6Q
+24 new funds entered over the past year (+25% 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 — 61% buying
63 buying40 selling
Last quarter: 63 funds were net buyers (20 opened a brand new position + 43 added to an existing one). Only 40 were sellers (27 trimmed + 13 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~20 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 16 → 17 → 19 → 20. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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54% of holders stayed for 2+ years
■ 54% conviction (2yr+)
■ 27% medium
■ 19% new
65 out of 120 hedge funds have held HIO 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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Buying through price weakness — shares +8%, value -93%
Last quarter: funds added +8% more shares while total portfolio value only changed -93%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
15 → 16 → 17 → 19 → 20 new funds/Q
New funds entering each quarter: 16 → 17 → 19 → 20. A growing number of institutions are discovering HIO each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 58% veterans vs 28% newcomers
■ 58% veterans
■ 13% 1-2yr
■ 28% new
Entry-cohort mix of 120 holders: 70 (58%) are 2+ year veterans, 16 entered 1–2 years ago, and 34 (28%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 60% AUM from top-100 funds
60% from top-100 AUM funds
15 of 120 holders are among the 100 largest funds by AUM, controlling 60% of total institutional value in HIO. 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 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.