Based on 297 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added XHB 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.
📊
High ownership — 91% of 3.0Y peak
91% of all-time peak
297 funds currently hold this stock — 91% of the 3.0-year high of 325 funds (reached 2024 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding XHB is almost the same as a year ago (-1 funds, 0% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡
Slight buying edge — 52% buying
162 buying149 selling
Last quarter: 162 funds bought or added vs 149 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.
⚠️
Fewer new buyers each quarter (-14 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 36 → 31 → 80 → 66. 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.
🔒
57% of holders stayed for 2+ years
■ 57% conviction (2yr+)
■ 24% medium
■ 19% new
170 out of 297 hedge funds have held XHB 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.
🚀
Acceleration phase — new buyers rushing in
56 → 36 → 31 → 80 → 66 new funds/Q
New funds entering each quarter: 36 → 31 → 80 → 66. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️
Deep conviction — 67% of holders stayed 2+ years
■ 67% veterans
■ 12% 1-2yr
■ 21% new
Of 325 current holders: 217 (67%) 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.
✅
Strong quality — 27% AUM from major funds
27% from top-100 AUM funds
19 of 297 holders rank in the top 100 by AUM, accounting for 27% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.