Based on 110 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 6 quarters in a row
For 6 consecutive quarters, more hedge funds reduced or closed their FXD 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 — 77% of 3.0Y peak
77% of all-time peak
110 funds currently hold this stock — 77% of the 3.0-year high of 142 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 11% fewer funds vs a year ago
fund count last 6Q
13 fewer hedge funds hold FXD compared to a year ago (-11% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 33% buying
31 buying63 selling
Last quarter: 63 funds sold vs only 31 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~15 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 12 → 14 → 13 → 15. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
68% of holders stayed for 2+ years
■ 68% conviction (2yr+)
■ 21% medium
■ 11% new
75 out of 110 hedge funds have held FXD 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.
➡️
Steady discovery — ~15 new funds/quarter
18 → 12 → 14 → 13 → 15 new funds/Q
New funds entering each quarter: 12 → 14 → 13 → 15. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 72% veterans vs 13% newcomers
■ 72% veterans
■ 15% 1-2yr
■ 13% new
Entry-cohort mix of 110 holders: 79 (72%) are 2+ year veterans, 17 entered 1–2 years ago, and 14 (13%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 69% AUM from top-100 funds
69% from top-100 AUM funds
23 of 110 holders are among the 100 largest funds by AUM, controlling 69% of total institutional value in FXD. 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 3.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.