Based on 51 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added IZRL than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
51 hedge funds hold IZRL 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
+7 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 buyers than sellers — 73% buying
24 buying9 selling
Last quarter: 24 funds were net buyers (12 opened a brand new position + 12 added to an existing one). Only 9 were sellers (2 trimmed + 7 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~12 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 5 → 10 → 12. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
49% of holders stayed for 2+ years
■ 49% conviction (2yr+)
■ 22% medium
■ 29% new
25 out of 51 hedge funds have held IZRL 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 +69%, value +50%
Last quarter: funds added +69% more shares while total portfolio value only changed +50%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
7 → 3 → 5 → 10 → 12 new funds/Q
New funds entering each quarter: 3 → 5 → 10 → 12. A growing number of institutions are discovering IZRL each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 55% veterans vs 33% newcomers
■ 55% veterans
■ 12% 1-2yr
■ 33% new
Entry-cohort mix of 51 holders: 28 (55%) are 2+ year veterans, 6 entered 1–2 years ago, and 17 (33%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 57% AUM from top-100 funds
57% from top-100 AUM funds
10 of 51 holders are among the 100 largest funds by AUM, controlling 57% of total institutional value in IZRL. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.