Based on 171 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their IAI positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 90% of 3.0Y peak
90% of all-time peak
171 funds currently hold this stock — 90% of the 3.0-year high of 189 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding IAI is almost the same as a year ago (-4 funds, -2% change). No significant rush to buy or sell — institutional backing is holding steady.
🟠
More sellers than buyers — 43% buying
78 buying102 selling
Last quarter: 102 funds reduced or exited vs 78 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 — ~24 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 31 → 28 → 29 → 24. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
46% of holders stayed for 2+ years
■ 46% conviction (2yr+)
■ 33% medium
■ 21% new
79 out of 171 hedge funds have held IAI 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.
💎
Buying through price weakness — shares +3%, value -20%
Last quarter: funds added +3% more shares while total portfolio value only changed -20%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~24 new funds/quarter
36 → 31 → 28 → 29 → 24 new funds/Q
New funds entering each quarter: 31 → 28 → 29 → 24. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 52% veterans vs 28% newcomers
■ 52% veterans
■ 20% 1-2yr
■ 28% new
Entry-cohort mix of 176 holders: 92 (52%) are 2+ year veterans, 35 entered 1–2 years ago, and 49 (28%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 58% AUM from top-100 funds
58% from top-100 AUM funds
23 of 171 holders are among the 100 largest funds by AUM, controlling 58% of total institutional value in IAI. 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 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.