Based on 294 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 7 quarters in a row
For 7 consecutive quarters, more hedge funds added XHR 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.
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At the ownership peak (100% of max)
100% of all-time peak
294 hedge funds hold XHR right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
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Steady growth — +15% more funds vs a year ago
fund count last 6Q
+38 new funds entered over the past year (+15% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 58% buying
160 buying118 selling
Last quarter: 160 funds bought or added vs 118 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.
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More new buyers each quarter (+22 vs last Q)
new funds entering per quarter
Funds opening a new XHR position: 36 → 37 → 31 → 53. 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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64% of holders stayed for 2+ years
■ 64% conviction (2yr+)
■ 18% medium
■ 19% new
187 out of 294 hedge funds have held XHR 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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Value +44% but shares only +2% — price-driven
Last quarter: the total dollar value of institutional holdings rose +44%, but actual share count only changed +2%. 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.
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Growing discovery — still being found
36 → 36 → 37 → 31 → 53 new funds/Q
New funds entering each quarter: 36 → 37 → 31 → 53. A growing number of institutions are discovering XHR each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 68% veterans vs 20% newcomers
■ 68% veterans
■ 12% 1-2yr
■ 20% new
Entry-cohort mix of 294 holders: 200 (68%) are 2+ year veterans, 34 entered 1–2 years ago, and 60 (20%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 63% AUM from top-100 funds
63% from top-100 AUM funds
56 of 294 holders are among the 100 largest funds by AUM, controlling 63% of total institutional value in XHR. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.