Based on 241 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added GNR 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
241 hedge funds hold GNR 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 — +10% more funds vs a year ago
fund count last 6Q
+21 new funds entered over the past year (+10% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 61% buying
128 buying82 selling
Last quarter: 128 funds were net buyers (43 opened a brand new position + 85 added to an existing one). Only 82 were sellers (67 trimmed + 15 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+17 vs last Q)
new funds entering per quarter
Funds opening a new GNR position: 22 → 15 → 26 → 43. 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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60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 21% medium
■ 19% new
145 out of 241 hedge funds have held GNR 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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Acceleration phase — new buyers rushing in
33 → 22 → 15 → 26 → 43 new funds/Q
New funds entering each quarter: 22 → 15 → 26 → 43. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Deep conviction — 65% of holders stayed 2+ years
■ 65% veterans
■ 13% 1-2yr
■ 22% new
Of 241 current holders: 156 (65%) 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 — 50% AUM from top-100 funds
50% from top-100 AUM funds
21 of 241 holders are among the 100 largest funds by AUM, controlling 50% of total institutional value in GNR. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.