Based on 178 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 XPRO 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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High ownership — 94% of 3.0Y peak
94% of all-time peak
178 funds currently hold this stock — 94% of the 3.0-year high of 189 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 6% fewer funds vs a year ago
fund count last 6Q
11 fewer hedge funds hold XPRO compared to a year ago (-6% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 51% buying
94 buying92 selling
Last quarter: 94 funds bought or added vs 92 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 (-9 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 30 → 22 → 39 → 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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48% of holders stayed for 2+ years
■ 48% conviction (2yr+)
■ 29% medium
■ 23% new
86 out of 178 hedge funds have held XPRO 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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Value +24% but shares only +4% — price-driven
Last quarter: the total dollar value of institutional holdings rose +24%, but actual share count only changed +4%. 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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Growing discovery — still being found
45 → 30 → 22 → 39 → 30 new funds/Q
New funds entering each quarter: 30 → 22 → 39 → 30. A growing number of institutions are discovering XPRO each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 52% veterans vs 32% newcomers
■ 52% veterans
■ 16% 1-2yr
■ 32% new
Entry-cohort mix of 180 holders: 94 (52%) are 2+ year veterans, 29 entered 1–2 years ago, and 57 (32%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 46% AUM from top-100 funds
46% from top-100 AUM funds
41 of 177 holders are among the 100 largest funds by AUM, controlling 46% of total institutional value in XPRO. 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 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.