Based on 79 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added XTN 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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High ownership — 94% of 3.0Y peak
94% of all-time peak
79 funds currently hold this stock — 94% of the 3.0-year high of 84 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding XTN is almost the same as a year ago (-2 funds, -2% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 52% buying
27 buying25 selling
Last quarter: 27 funds bought or added vs 25 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 (+7 vs last Q)
new funds entering per quarter
Funds opening a new XTN position: 10 → 4 → 5 → 12. 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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67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 22% medium
■ 11% new
53 out of 79 hedge funds have held XTN 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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Growing discovery — still being found
15 → 10 → 4 → 5 → 12 new funds/Q
New funds entering each quarter: 10 → 4 → 5 → 12. A growing number of institutions are discovering XTN each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 71% of holders stayed 2+ years
■ 71% veterans
■ 12% 1-2yr
■ 16% new
Of 80 current holders: 57 (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.
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Elite ownership — 61% AUM from top-100 funds
61% from top-100 AUM funds
15 of 79 holders are among the 100 largest funds by AUM, controlling 61% of total institutional value in XTN. 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 3.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.