Based on 66 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added XSEP 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
66 hedge funds hold XSEP 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.
📶
Steady growth — +16% more funds vs a year ago
fund count last 6Q
+9 new funds entered over the past year (+16% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🔴
Heavy selling pressure — only 39% buying
20 buying31 selling
Last quarter: 31 funds sold vs only 20 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~9 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 8 → 9 → 7 → 9. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
50% of holders stayed for 2+ years
■ 50% conviction (2yr+)
■ 24% medium
■ 26% new
33 out of 66 hedge funds have held XSEP 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.
➡️
Steady discovery — ~9 new funds/quarter
7 → 8 → 9 → 7 → 9 new funds/Q
New funds entering each quarter: 8 → 9 → 7 → 9. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 53% veterans vs 29% newcomers
■ 53% veterans
■ 18% 1-2yr
■ 29% new
Entry-cohort mix of 66 holders: 35 (53%) are 2+ year veterans, 12 entered 1–2 years ago, and 19 (29%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 18% AUM from top-100
18% from top-100 AUM funds
8 of 66 holders rank in the top 100 by AUM, but together hold only 18% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.3
out of 10
Moderate Exit Risk
Exit risk score 4.3/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.