Based on 117 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their IXP 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 — 94% of 3.0Y peak
94% of all-time peak
117 funds currently hold this stock — 94% of the 3.0-year high of 124 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +4% more funds vs a year ago
fund count last 6Q
+5 new funds entered over the past year (+4% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 54% buying
58 buying50 selling
Last quarter: 58 funds bought or added vs 50 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 (+8 vs last Q)
new funds entering per quarter
Funds opening a new IXP position: 21 → 16 → 11 → 19. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
56% of holders stayed for 2+ years
■ 56% conviction (2yr+)
■ 25% medium
■ 19% new
66 out of 117 hedge funds have held IXP 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
23 → 21 → 16 → 11 → 19 new funds/Q
New funds entering each quarter: 21 → 16 → 11 → 19. IXP 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 — 62% veterans vs 28% newcomers
■ 62% veterans
■ 10% 1-2yr
■ 28% new
Entry-cohort mix of 117 holders: 72 (62%) are 2+ year veterans, 12 entered 1–2 years ago, and 33 (28%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 48% AUM from top-100 funds
48% from top-100 AUM funds
23 of 117 holders are among the 100 largest funds by AUM, controlling 48% of total institutional value in IXP. 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 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.