Based on 73 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their XHE positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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High ownership — 72% of 3.0Y peak
72% of all-time peak
73 funds currently hold this stock — 72% of the 3.0-year high of 101 funds (reached 2023 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 14% fewer funds vs a year ago
fund count last 6Q
12 fewer hedge funds hold XHE compared to a year ago (-14% 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
26 buying41 selling
Last quarter: 41 funds sold vs only 26 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 XHE position: 1 → 8 → 8 → 14. 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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68% of holders stayed for 2+ years
■ 68% conviction (2yr+)
■ 16% medium
■ 15% new
50 out of 73 hedge funds have held XHE 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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Growing discovery — still being found
6 → 1 → 8 → 8 → 14 new funds/Q
New funds entering each quarter: 1 → 8 → 8 → 14. A growing number of institutions are discovering XHE each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 71% veterans vs 12% newcomers
■ 71% veterans
■ 17% 1-2yr
■ 12% new
Entry-cohort mix of 76 holders: 54 (71%) are 2+ year veterans, 13 entered 1–2 years ago, and 9 (12%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 75% AUM from top-100 funds
75% from top-100 AUM funds
18 of 73 holders are among the 100 largest funds by AUM, controlling 75% of total institutional value in XHE. 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 2.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.