Based on 169 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their IBCP positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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At the ownership peak (99% of max)
99% of all-time peak
169 hedge funds hold IBCP 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding IBCP is almost the same as a year ago (+4 funds, +2% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 56% buying
92 buying72 selling
Last quarter: 92 funds bought or added vs 72 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
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Steady new buyers — ~25 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 12 → 23 → 24 → 25. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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61% of holders stayed for 2+ years
■ 61% conviction (2yr+)
■ 17% medium
■ 22% new
103 out of 169 hedge funds have held IBCP 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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Growing discovery — still being found
19 → 12 → 23 → 24 → 25 new funds/Q
New funds entering each quarter: 12 → 23 → 24 → 25. A growing number of institutions are discovering IBCP each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 64% veterans vs 24% newcomers
■ 64% veterans
■ 13% 1-2yr
■ 24% new
Entry-cohort mix of 170 holders: 108 (64%) are 2+ year veterans, 22 entered 1–2 years ago, and 40 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 44% AUM from top-100 funds
44% from top-100 AUM funds
45 of 169 holders are among the 100 largest funds by AUM, controlling 44% of total institutional value in IBCP. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.