STATE STREET SPDR S&P HEALTH CARE EQUIPMENT ETF (XHE): Hedge Fund Ownership & Smart Money Signals (Q4 2025)

STATE STREET SPDR S&P HEALTH CARE EQUIPMENT ETF (XHE)

72 + Investors. Track Smart Money conviction in XHE. See who's accumulating, reducing, or initiating positions.

Smart Money Signals — XHE

Based on 72 hedge funds · latest filing: 2025 Q4 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q

For 1 consecutive quarter, 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.

📊

High ownership — 71% of 3.0Y peak

71% of all-time peak

72 funds currently hold this stock — 71% of the 3.0-year high of 101 funds (reached 2024 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.

📉

Outflows — 13% fewer funds vs a year ago

fund count last 6Q

11 fewer hedge funds hold XHE compared to a year ago (-13% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.

🟡

Slight buying edge — 50% buying

28 buying28 selling

Last quarter: 28 funds bought or added vs 28 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.

➡️

Steady new buyers — ~8 new funds per quarter

new funds entering per quarter

Funds opening this position for the first time: 6 → 1 → 8 → 8. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.

🔒

69% of holders stayed for 2+ years

■ 69% conviction (2yr+) ■ 21% medium ■ 10% new

50 out of 72 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.

💰

Value +117% but shares only +97% — price-driven

Value

+117%

+96%

Last quarter: the total dollar value of institutional holdings rose +117%, but actual share count only changed +97%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.

➡️

Steady discovery — ~8 new funds/quarter

11 → 6 → 1 → 8 → 8 new funds/Q

New funds entering each quarter: 6 → 1 → 8 → 8. Consistent flow of new institutional buyers without clear acceleration or slowdown.

🏛️

Deep conviction — 71% of holders stayed 2+ years

■ 71% veterans ■ 10% 1-2yr ■ 19% new

Of 72 current holders: 51 (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 — 73% AUM from top-100 funds

73% from top-100 AUM funds

16 of 72 holders are among the 100 largest funds by AUM, controlling 73% 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.

1.8

out of 10

Low Exit Risk

Exit risk score 1.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Metric	All 13F Filers (2025 Q4)	Prior (2025 Q3)	Change
Funds Holding	72	74	-2.7%
13F Shares	1M	549K	96.6%
Total Value	$94M	$43M	117.31%
New Positions	8	8	-
Increased Positions	20	9	+11
Closed Positions	10	7	+3
Reduced Positions	18	33	-15
Total Calls	0	0	-
Total Puts	0	0	-
PUT/CALL Ratio	0.0	0.0	Bullish

Metric

All 13F Filers (2025 Q4)

Prior (2025 Q3)

Change

Funds Holding

-2.7%

13F Shares

549K

96.6%

Total Value

$94M

$43M

117.31%

New Positions

Increased Positions

+11

Closed Positions

Reduced Positions

-15

Total Calls

Total Puts

PUT/CALL Ratio

0.0

Bullish

Institutional Holders (2026 Q1)

72 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in XHE. Verified SEC 13F-HR filings.

FILTER:All New Added To Reduced No Change | Overweight >5% | SHOW: Active managers + show index funds

Top 16 institutional holders of XHE — 2025 Q4 · Source: SEC Form 13F
#	Investor	% of Portfolio	Shares	Mkt Value
1	American State Bank (Iowa)	0.18%	1,696	$193K
2	NTV ASSET MANAGEMENT LLC	0.07%	7,710	$603K
3	MEANS INVESTMENT CO., INC.	0.02%	2,834	$222K
4	MEITAV INVESTMENT HOUSE LTD	0.02%	20,738	$1.6M
5	Comprehensive Financial Planning, Inc./PA	0.01%	150	$12K
6	TRUIST FINANCIAL CORP	0.00%	19,887	$1.6M
7	Kestra Advisory Services, LLC	0.00%	6,368	$498K
8	Cambridge Investment Research Advisors, Inc.	0.00%	9,034	—
9	Sound Income Strategies, LLC	0.00%	402	$32K
10	COMMONWEALTH EQUITY SERVICES, LLC	0.00%	9,021	$706K
11	Golden State Wealth Management, LLC	0.00%	67	$5K
12	NBC SECURITIES, INC.	0.00%	75	$6K
13	CREATIVE FINANCIAL DESIGNS INC /ADV	0.00%	80	$6K
14	CoreCap Advisors, LLC	0.00%	112	$9K
15	Central Pacific Bank - Trust Division	0.00%	26	$2K
16	Farther Finance Advisors, LLC	0.00%	115	$9K

Investor	Ownership History	% of Portfolio	Prev %	Rank	Conviction	Avg Buy Price	13F Score™ 3Y / 7Y	Sell Timing	Shares	Mkt Value	Change	Change %	Source	Quarter	Filed

Frequently Asked Questions — STATE STREET SPDR S&P HEALTH CARE EQUIPMENT ETF (XHE)

What does the Smart Money Trend signal show for XHE?

Selling streak — 1 quarter in a row: For 1 consecutive quarter, 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.

What is the institutional breadth score for XHE?

Slight buying edge — 50% buying: Last quarter: 28 funds bought or added vs 28 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.

What is the fund quality score for XHE holders?

Elite ownership — 73% AUM from top-100 funds: 16 of 72 holders are among the 100 largest funds by AUM, controlling 73% 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.

How long have hedge funds held XHE?

69% of holders stayed for 2+ years: 50 out of 72 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.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

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STATE STREET SPDR S&P HEALTH CARE EQUIPMENT ETF (XHE)

Smart Money Signals — XHE

Selling streak — 1 quarter in a row

High ownership — 71% of 3.0Y peak

Outflows — 13% fewer funds vs a year ago

Slight buying edge — 50% buying

Steady new buyers — ~8 new funds per quarter

69% of holders stayed for 2+ years

Value +117% but shares only +97% — price-driven

Steady discovery — ~8 new funds/quarter

Deep conviction — 71% of holders stayed 2+ years

Elite ownership — 73% AUM from top-100 funds

Hedge Fund Ownership: XHE

Market Analysis: XHE

Analyst Price Targets

Analyst Recommendations

Stock Performance

Company Profile: XHE

Hedge Fund Positioning: XHE

Statistics: XHE

Valuation Measures Data as of: --

Financial Highlights

Institutional Holders (2026 Q1)

Frequently Asked Questions — STATE STREET SPDR S&P HEALTH CARE EQUIPMENT ETF (XHE)

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