Based on 69 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds reduced or closed their IFN 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 — 74% of 3.0Y peak
74% of all-time peak
69 funds currently hold this stock — 74% of the 3.0-year high of 93 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 16% fewer funds vs a year ago
fund count last 6Q
13 fewer hedge funds hold IFN compared to a year ago (-16% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 57% buying
38 buying29 selling
Last quarter: 38 funds bought or added vs 29 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.
➡️
Steady new buyers — ~13 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 13 → 13 → 8 → 13. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
62% of holders stayed for 2+ years
■ 62% conviction (2yr+)
■ 20% medium
■ 17% new
43 out of 69 hedge funds have held IFN 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.
📊
Peak discovery — momentum slowing
16 → 13 → 13 → 8 → 13 new funds/Q
New funds entering each quarter: 13 → 13 → 8 → 13. IFN is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 64% veterans vs 22% newcomers
■ 64% veterans
■ 14% 1-2yr
■ 22% new
Entry-cohort mix of 69 holders: 44 (64%) are 2+ year veterans, 10 entered 1–2 years ago, and 15 (22%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 37% AUM from major funds
37% from top-100 AUM funds
8 of 69 holders rank in the top 100 by AUM, accounting for 37% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.