Based on 112 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds reduced or closed their FXD 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 — 79% of 3.0Y peak
79% of all-time peak
112 funds currently hold this stock — 79% of the 3.0-year high of 141 funds (reached 2024 Q4). 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
12 fewer hedge funds hold FXD 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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Heavy selling pressure — only 39% buying
35 buying55 selling
Last quarter: 55 funds sold vs only 35 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~13 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 17 → 11 → 14 → 13. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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68% of holders stayed for 2+ years
■ 68% conviction (2yr+)
■ 20% medium
■ 12% new
76 out of 112 hedge funds have held FXD 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 — ~13 new funds/quarter
17 → 17 → 11 → 14 → 13 new funds/Q
New funds entering each quarter: 17 → 11 → 14 → 13. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 71% veterans vs 16% newcomers
■ 71% veterans
■ 13% 1-2yr
■ 16% new
Entry-cohort mix of 112 holders: 79 (71%) are 2+ year veterans, 15 entered 1–2 years ago, and 18 (16%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 66% AUM from top-100 funds
66% from top-100 AUM funds
19 of 112 holders are among the 100 largest funds by AUM, controlling 66% of total institutional value in FXD. 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 2.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.