Based on 68 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their MX positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 59% of 3.0Y high
59% of all-time peak
Only 68 funds hold MX today versus a peak of 115 funds at 2023 Q4 — just 59% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 13% fewer funds vs a year ago
fund count last 6Q
10 fewer hedge funds hold MX compared to a year ago (-13% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 39% buying
28 buying44 selling
Last quarter: 44 funds sold vs only 28 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
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More new buyers each quarter (+6 vs last Q)
new funds entering per quarter
Funds opening a new MX position: 15 → 17 → 6 → 12. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
76% of holders stayed for 2+ years
■ 76% conviction (2yr+)
■ 12% medium
■ 12% new
52 out of 68 hedge funds have held MX 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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Buying through price weakness — shares -4%, value -94%
Last quarter: funds added -4% more shares while total portfolio value only changed -94%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
⚠️
Saturation — most institutions already know this story
9 → 15 → 17 → 6 → 12 new funds/Q
New funds entering each quarter: 15 → 17 → 6 → 12. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
🏛️
Deep conviction — 80% of holders stayed 2+ years
■ 80% veterans
■ 9% 1-2yr
■ 11% new
Of 70 current holders: 56 (80%) 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 — 94% AUM from top-100 funds
94% from top-100 AUM funds
18 of 68 holders are among the 100 largest funds by AUM, controlling 94% of total institutional value in MX. 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 1.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.