Based on 21 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their APRE positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 84% of 3.0Y peak
84% of all-time peak
21 funds currently hold this stock — 84% of the 3.0-year high of 25 funds (reached 2024 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 12% fewer funds vs a year ago
fund count last 6Q
3 fewer hedge funds hold APRE compared to a year ago (-12% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 48% buying
10 buying11 selling
Last quarter: 11 funds reduced or exited vs 10 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 — ~5 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 1 → 2 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
43% of holders stayed for 2+ years
■ 43% conviction (2yr+)
■ 33% medium
■ 24% new
9 out of 21 hedge funds have held APRE 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.
💎
Buying through price weakness — shares +5%, value -39%
Last quarter: funds added +5% more shares while total portfolio value only changed -39%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~5 new funds/quarter
4 → 2 → 1 → 2 → 5 new funds/Q
New funds entering each quarter: 2 → 1 → 2 → 5. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 43% of holders stayed 2+ years
■ 43% veterans
■ 24% 1-2yr
■ 33% new
Of 21 current holders: 9 (43%) 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.
📋
Smaller funds dominant — 12% AUM from top-100
12% from top-100 AUM funds
6 of 21 holders rank in the top 100 by AUM, but together hold only 12% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.