Based on 21 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added XXII 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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Below peak — only 64% of 1.2Y high
64% of all-time peak
Only 21 funds hold XXII today versus a peak of 33 funds at 2025 Q1 — just 64% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 25% fewer funds vs a year ago
fund count last 5Q
7 fewer hedge funds hold XXII compared to a year ago (-25% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More buyers than sellers — 95% buying
20 buying1 selling
Last quarter: 20 funds were net buyers (20 opened a brand new position + 0 added to an existing one). Only 1 were sellers (0 trimmed + 1 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+18 vs last Q)
new funds entering per quarter
Funds opening a new XXII position: 12 → 0 → 2 → 20. 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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Mostly new holders — 90% entered in last year
■ 0% conviction (2yr+)
■ 10% medium
■ 90% new
Only 0 funds (0%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Value +5427467% but shares only +2455867% — price-driven
Last quarter: the total dollar value of institutional holdings rose +5427467%, but actual share count only changed +2455867%. 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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Acceleration phase — new buyers rushing in
12 → 0 → 2 → 20 new funds/Q
New funds entering each quarter: 12 → 0 → 2 → 20. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Mixed cohorts — 0% veterans, 33% new entrants
■ 0% veterans
■ 67% 1-2yr
■ 33% new
Of 21 current holders: 0 (0%) held 2+ years, 14 held 1–2 years, 7 (33%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 27% AUM from major funds
27% from top-100 AUM funds
6 of 21 holders rank in the top 100 by AUM, accounting for 27% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.