Based on 58 hedge funds · latest filing: 2026 Q1 · updated quarterly
➡️
No change last quarter
The number of hedge funds holding this stock didn't change last quarter. Neither a buying nor selling signal on its own — watch the next quarter for direction.
📊
High ownership — 92% of 3.0Y peak
92% of all-time peak
58 funds currently hold this stock — 92% of the 3.0-year high of 63 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +12% more funds vs a year ago
fund count last 6Q
+6 new funds entered over the past year (+12% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 60% buying
35 buying23 selling
Last quarter: 35 funds were net buyers (8 opened a brand new position + 27 added to an existing one). Only 23 were sellers (15 trimmed + 8 sold completely). A clear majority buying is a strong confirmation signal.
⚠️
Fewer new buyers each quarter (-6 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 19 → 11 → 14 → 8. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
📌
Mixed — 33% long-term, 21% new
■ 33% conviction (2yr+)
■ 47% medium
■ 21% new
Of the 58 current holders: 19 (33%) held >2 years, 27 held 1–2 years, and 12 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
📊
Peak discovery — momentum slowing
7 → 19 → 11 → 14 → 8 new funds/Q
New funds entering each quarter: 19 → 11 → 14 → 8. TXO is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
📊
Mixed cohorts — 33% veterans, 32% new entrants
■ 33% veterans
■ 35% 1-2yr
■ 32% new
Of 63 current holders: 21 (33%) held 2+ years, 22 held 1–2 years, 20 (32%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 35% AUM from major funds
35% from top-100 AUM funds
14 of 58 holders rank in the top 100 by AUM, accounting for 35% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.