Based on 245 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their XRX 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 — 77% of 3.0Y peak
77% of all-time peak
245 funds currently hold this stock — 77% of the 3.0-year high of 317 funds (reached 2024 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 10% fewer funds vs a year ago
fund count last 6Q
26 fewer hedge funds hold XRX compared to a year ago (-10% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More sellers than buyers — 45% buying
126 buying157 selling
Last quarter: 157 funds reduced or exited vs 126 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~42 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 59 → 49 → 39 → 42. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
73% of holders stayed for 2+ years
■ 73% conviction (2yr+)
■ 16% medium
■ 11% new
178 out of 245 hedge funds have held XRX 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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Buying through price weakness — shares -19%, value -96%
Last quarter: funds added -19% more shares while total portfolio value only changed -96%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Peak discovery — momentum slowing
49 → 59 → 49 → 39 → 42 new funds/Q
New funds entering each quarter: 59 → 49 → 39 → 42. XRX is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Deep conviction — 80% of holders stayed 2+ years
■ 80% veterans
■ 7% 1-2yr
■ 13% new
Of 268 current holders: 215 (80%) 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 — 43% AUM from top-100 funds
43% from top-100 AUM funds
33 of 245 holders are among the 100 largest funds by AUM, controlling 43% of total institutional value in XRX. 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 2.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.