Based on 287 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added XT 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
287 hedge funds hold XT 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 — +11% more funds vs a year ago
fund count last 6Q
+29 new funds entered over the past year (+11% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More sellers than buyers — 49% buying
114 buying118 selling
Last quarter: 118 funds reduced or exited vs 114 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.
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More new buyers each quarter (+15 vs last Q)
new funds entering per quarter
Funds opening a new XT position: 34 → 40 → 29 → 44. 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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60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 21% medium
■ 20% new
171 out of 287 hedge funds have held XT 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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Price up while funds trimmed (+12% value, -8% shares)
Last quarter: total value of institutional XT holdings rose +12% even though funds reduced share count by 8%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Steady discovery — ~44 new funds/quarter
38 → 34 → 40 → 29 → 44 new funds/Q
New funds entering each quarter: 34 → 40 → 29 → 44. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 59% veterans vs 28% newcomers
■ 59% veterans
■ 13% 1-2yr
■ 28% new
Entry-cohort mix of 287 holders: 170 (59%) are 2+ year veterans, 38 entered 1–2 years ago, and 79 (28%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 7% AUM from top-100
7% from top-100 AUM funds
25 of 287 holders rank in the top 100 by AUM, but together hold only 7% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.