Based on 93 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added GRP/U 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 (97% of max)
97% of all-time peak
93 hedge funds hold GRP/U 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 — +4% more funds vs a year ago
fund count last 6Q
+4 new funds entered over the past year (+4% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction. The peak was reached in just 3 quarters from the low — a sharp move.
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Slight buying edge — 53% buying
48 buying43 selling
Last quarter: 48 funds bought or added vs 43 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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Steady new buyers — ~11 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 11 → 5 → 6 → 11. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 15% entered in last year
■ 9% conviction (2yr+)
■ 76% medium
■ 15% new
Only 8 funds (9%) 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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Steady discovery — ~11 new funds/quarter
87 → 11 → 5 → 6 → 11 new funds/Q
New funds entering each quarter: 11 → 5 → 6 → 11. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Early stage — 92% of holders entered in last year
■ 6% veterans
■ 2% 1-2yr
■ 92% new
Of 95 current holders: 87 (92%) entered in the past year, only 6 (6%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
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Elite ownership — 42% AUM from top-100 funds
42% from top-100 AUM funds
27 of 93 holders are among the 100 largest funds by AUM, controlling 42% of total institutional value in GRP/U. 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 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.