Based on 428 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 KNX 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 (96% of max)
96% of all-time peak
428 hedge funds hold KNX 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding KNX is almost the same as a year ago (-1 funds, 0% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 50% buying
230 buying234 selling
Last quarter: 230 funds bought or added vs 234 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 (+38 vs last Q)
new funds entering per quarter
Funds opening a new KNX position: 109 → 56 → 57 → 95. 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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65% of holders stayed for 2+ years
■ 65% conviction (2yr+)
■ 17% medium
■ 17% new
280 out of 428 hedge funds have held KNX 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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Value +45% but shares only +9% — price-driven
Last quarter: the total dollar value of institutional holdings rose +45%, but actual share count only changed +9%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Steady discovery — ~95 new funds/quarter
45 → 109 → 56 → 57 → 95 new funds/Q
New funds entering each quarter: 109 → 56 → 57 → 95. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 71% of holders stayed 2+ years
■ 71% veterans
■ 9% 1-2yr
■ 20% new
Of 455 current holders: 323 (71%) 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 — 56% AUM from top-100 funds
56% from top-100 AUM funds
43 of 428 holders are among the 100 largest funds by AUM, controlling 56% of total institutional value in KNX. 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.