Based on 269 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 6 quarters in a row
For 6 consecutive quarters, more hedge funds added XHR 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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At the ownership peak (100% of max)
100% of all-time peak
269 hedge funds hold XHR right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
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Steady growth — +8% more funds vs a year ago
fund count last 6Q
+19 new funds entered over the past year (+8% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 56% buying
139 buying111 selling
Last quarter: 139 funds bought or added vs 111 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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Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 35 → 35 → 37 → 30. 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.
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67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 20% medium
■ 13% new
180 out of 269 hedge funds have held XHR 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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Steady discovery — ~30 new funds/quarter
35 → 35 → 35 → 37 → 30 new funds/Q
New funds entering each quarter: 35 → 35 → 37 → 30. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 72% of holders stayed 2+ years
■ 72% veterans
■ 11% 1-2yr
■ 16% new
Of 269 current holders: 195 (72%) 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 — 41% AUM from top-100 funds
41% from top-100 AUM funds
54 of 269 holders are among the 100 largest funds by AUM, controlling 41% of total institutional value in XHR. 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 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.