Based on 81 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added HYXF 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
81 hedge funds hold HYXF 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 — +17% more funds vs a year ago
fund count last 6Q
+12 new funds entered over the past year (+17% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 75% buying
53 buying18 selling
Last quarter: 53 funds were net buyers (13 opened a brand new position + 40 added to an existing one). Only 18 were sellers (12 trimmed + 6 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~13 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 7 → 8 → 16 → 13. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
52% of holders stayed for 2+ years
■ 52% conviction (2yr+)
■ 25% medium
■ 23% new
42 out of 81 hedge funds have held HYXF 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.
📈
Growing discovery — still being found
15 → 7 → 8 → 16 → 13 new funds/Q
New funds entering each quarter: 7 → 8 → 16 → 13. A growing number of institutions are discovering HYXF each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 56% of holders stayed 2+ years
■ 56% veterans
■ 9% 1-2yr
■ 36% new
Of 81 current holders: 45 (56%) 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.
✅
Strong quality — 24% AUM from major funds
24% from top-100 AUM funds
12 of 81 holders rank in the top 100 by AUM, accounting for 24% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.