Based on 1177 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added EXC 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.
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At the ownership peak (100% of max)
100% of all-time peak
1,177 hedge funds hold EXC 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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Steady growth — +16% more funds vs a year ago
fund count last 6Q
+162 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.
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Slight buying edge — 59% buying
664 buying470 selling
Last quarter: 664 funds bought or added vs 470 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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More new buyers each quarter (+56 vs last Q)
new funds entering per quarter
Funds opening a new EXC position: 185 → 117 → 116 → 172. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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69% of holders stayed for 2+ years
■ 69% conviction (2yr+)
■ 16% medium
■ 15% new
808 out of 1,177 hedge funds have held EXC 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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Steady discovery — ~172 new funds/quarter
132 → 185 → 117 → 116 → 172 new funds/Q
New funds entering each quarter: 185 → 117 → 116 → 172. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 70% of holders stayed 2+ years
■ 70% veterans
■ 9% 1-2yr
■ 21% new
Of 1,209 current holders: 848 (70%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
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Elite ownership — 61% AUM from top-100 funds
61% from top-100 AUM funds
49 of 1177 holders are among the 100 largest funds by AUM, controlling 61% of total institutional value in EXC. 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.