Based on 24 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their XBP 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 — 83% of 3.0Y peak
83% of all-time peak
24 funds currently hold this stock — 83% of the 3.0-year high of 29 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
🚀
Fast accumulation — +167% more funds vs a year ago
fund count last 6Q
+15 new funds entered over the past year (+167% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🔴
Heavy selling pressure — only 12% buying
4 buying28 selling
Last quarter: 28 funds sold vs only 4 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-16 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 2 → 1 → 19 → 3. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔄
Mostly new holders — 54% entered in last year
■ 17% conviction (2yr+)
■ 29% medium
■ 54% new
Only 4 funds (17%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
➡️
Steady discovery — ~3 new funds/quarter
1 → 2 → 1 → 19 → 3 new funds/Q
New funds entering each quarter: 2 → 1 → 19 → 3. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 58% of holders entered in last year
■ 8% veterans
■ 33% 1-2yr
■ 58% new
Of 24 current holders: 14 (58%) entered in the past year, only 2 (8%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
📋
Smaller funds dominant — 9% AUM from top-100
9% from top-100 AUM funds
12 of 24 holders rank in the top 100 by AUM, but together hold only 9% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 7.4/10 — multiple crowding signals converge. Institutional ownership is at 83% of its all-time high — near peak crowding. Selling pressure exceeds buying: only 12% of active funds buying. Crowded trades can unwind fast — a single catalyst can trigger a cascade.