Based on 115 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 ITIC positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (96% of max)
96% of all-time peak
115 hedge funds hold ITIC 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.
📶
Steady growth — +16% more funds vs a year ago
fund count last 6Q
+16 new funds entered over the past year (+16% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠
More sellers than buyers — 43% buying
41 buying55 selling
Last quarter: 55 funds reduced or exited vs 41 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 — ~13 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 29 → 16 → 17 → 13. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
56% of holders stayed for 2+ years
■ 56% conviction (2yr+)
■ 27% medium
■ 17% new
64 out of 115 hedge funds have held ITIC 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 → 29 → 16 → 17 → 13 new funds/Q
New funds entering each quarter: 29 → 16 → 17 → 13. ITIC 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 — 58% veterans vs 25% newcomers
■ 58% veterans
■ 17% 1-2yr
■ 25% new
Entry-cohort mix of 115 holders: 67 (58%) are 2+ year veterans, 19 entered 1–2 years ago, and 29 (25%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 32% AUM from major funds
32% from top-100 AUM funds
31 of 115 holders rank in the top 100 by AUM, accounting for 32% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.