Based on 28 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 XAIR 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.
🔻
Below peak — only 44% of 3.0Y high
44% of all-time peak
Only 28 funds hold XAIR today versus a peak of 63 funds at 2024 Q1 — just 44% 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 — 30% fewer funds vs a year ago
fund count last 6Q
12 fewer hedge funds hold XAIR compared to a year ago (-30% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 47% buying
9 buying10 selling
Last quarter: 10 funds reduced or exited vs 9 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.
➡️
Steady new buyers — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 7 → 5 → 5 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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43% of holders stayed for 2+ years
■ 43% conviction (2yr+)
■ 32% medium
■ 25% new
12 out of 28 hedge funds have held XAIR 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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Buying through price weakness — shares -1%, value -37%
Last quarter: funds added -1% more shares while total portfolio value only changed -37%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~7 new funds/quarter
6 → 7 → 5 → 5 → 7 new funds/Q
New funds entering each quarter: 7 → 5 → 5 → 7. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 57% veterans vs 29% newcomers
■ 57% veterans
■ 14% 1-2yr
■ 29% new
Entry-cohort mix of 28 holders: 16 (57%) are 2+ year veterans, 4 entered 1–2 years ago, and 8 (29%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 11% AUM from top-100
11% from top-100 AUM funds
9 of 28 holders rank in the top 100 by AUM, but together hold only 11% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 1.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.