Based on 505 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 8 quarters in a row
For 8 consecutive quarters, more hedge funds added AHR 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
505 hedge funds hold AHR 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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Fast accumulation — +40% more funds vs a year ago
fund count last 6Q
+144 new funds entered over the past year (+40% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 61% buying
297 buying190 selling
Last quarter: 297 funds were net buyers (120 opened a brand new position + 177 added to an existing one). Only 190 were sellers (155 trimmed + 35 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+47 vs last Q)
new funds entering per quarter
Funds opening a new AHR position: 66 → 70 → 73 → 120. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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Mostly new holders — 36% entered in last year
■ 2% conviction (2yr+)
■ 62% medium
■ 36% new
Only 12 funds (2%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Growing discovery — still being found
71 → 66 → 70 → 73 → 120 new funds/Q
New funds entering each quarter: 66 → 70 → 73 → 120. A growing number of institutions are discovering AHR each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Mixed cohorts — 3% veterans, 47% new entrants
■ 3% veterans
■ 51% 1-2yr
■ 47% new
Of 509 current holders: 13 (3%) held 2+ years, 259 held 1–2 years, 237 (47%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 57% AUM from top-100 funds
57% from top-100 AUM funds
41 of 505 holders are among the 100 largest funds by AUM, controlling 57% of total institutional value in AHR. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.3
out of 10
Moderate Exit Risk
Exit risk score 4.3/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.