Based on 274 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 ICUI 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 (96% of max)
96% of all-time peak
274 hedge funds hold ICUI 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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Outflows — 4% fewer funds vs a year ago
fund count last 6Q
10 fewer hedge funds hold ICUI compared to a year ago (-4% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More sellers than buyers — 46% buying
129 buying151 selling
Last quarter: 151 funds reduced or exited vs 129 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.
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Fewer new buyers each quarter (-23 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 33 → 45 → 60 → 37. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
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65% of holders stayed for 2+ years
■ 65% conviction (2yr+)
■ 16% medium
■ 19% new
179 out of 274 hedge funds have held ICUI 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
43 → 33 → 45 → 60 → 37 new funds/Q
New funds entering each quarter: 33 → 45 → 60 → 37. A growing number of institutions are discovering ICUI each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 69% veterans vs 21% newcomers
■ 69% veterans
■ 10% 1-2yr
■ 21% new
Entry-cohort mix of 280 holders: 194 (69%) are 2+ year veterans, 27 entered 1–2 years ago, and 59 (21%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 47% AUM from top-100 funds
47% from top-100 AUM funds
52 of 273 holders are among the 100 largest funds by AUM, controlling 47% of total institutional value in ICUI. 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 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.