Based on 9 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 GBR 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 — 75% of 3.0Y peak
75% of all-time peak
9 funds currently hold this stock — 75% of the 3.0-year high of 12 funds (reached 2023 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 18% fewer funds vs a year ago
fund count last 6Q
2 fewer hedge funds hold GBR compared to a year ago (-18% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 50% buying
5 buying5 selling
Last quarter: 5 funds bought or added vs 5 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.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 3 → 3 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
89% of holders stayed for 2+ years
■ 89% conviction (2yr+)
■ 0% medium
■ 11% new
8 out of 9 hedge funds have held GBR 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 -11%, value -33%
Last quarter: funds added -11% more shares while total portfolio value only changed -33%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~1 new funds/quarter
2 → 1 → 3 → 3 → 1 new funds/Q
New funds entering each quarter: 1 → 3 → 3 → 1. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 89% of holders stayed 2+ years
■ 89% veterans
■ 0% 1-2yr
■ 11% new
Of 9 current holders: 8 (89%) 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.
🏆
Elite ownership — 55% AUM from top-100 funds
55% from top-100 AUM funds
5 of 9 holders are among the 100 largest funds by AUM, controlling 55% of total institutional value in GBR. 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 2.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.