Based on 119 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their KXI 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
119 funds currently hold this stock — 94% of the 3.0-year high of 127 funds (reached 2023 Q2). 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.
🟠
More sellers than buyers — 48% buying
52 buying56 selling
Last quarter: 56 funds reduced or exited vs 52 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
📈
More new buyers each quarter (+6 vs last Q)
new funds entering per quarter
Funds opening a new KXI position: 20 → 25 → 12 → 18. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
64% of holders stayed for 2+ years
■ 64% conviction (2yr+)
■ 23% medium
■ 13% new
76 out of 119 hedge funds have held KXI 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
15 → 20 → 25 → 12 → 18 new funds/Q
New funds entering each quarter: 20 → 25 → 12 → 18. KXI is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Deep conviction — 71% of holders stayed 2+ years
■ 71% veterans
■ 14% 1-2yr
■ 15% new
Of 119 current holders: 84 (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.
🏆
Elite ownership — 71% AUM from top-100 funds
71% from top-100 AUM funds
17 of 119 holders are among the 100 largest funds by AUM, controlling 71% of total institutional value in KXI. 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.