Based on 300 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 HRI 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
300 hedge funds hold HRI 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding HRI is almost the same as a year ago (-8 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 56% buying
174 buying138 selling
Last quarter: 174 funds bought or added vs 138 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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More new buyers each quarter (+30 vs last Q)
new funds entering per quarter
Funds opening a new HRI position: 48 → 55 → 42 → 72. 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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54% of holders stayed for 2+ years
■ 54% conviction (2yr+)
■ 22% medium
■ 24% new
162 out of 300 hedge funds have held HRI 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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Value +40% but shares only +13% — price-driven
Last quarter: the total dollar value of institutional holdings rose +40%, but actual share count only changed +13%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Growing discovery — still being found
75 → 48 → 55 → 42 → 72 new funds/Q
New funds entering each quarter: 48 → 55 → 42 → 72. A growing number of institutions are discovering HRI each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 62% of holders stayed 2+ years
■ 62% veterans
■ 11% 1-2yr
■ 26% new
Of 310 current holders: 193 (62%) 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 — 63% AUM from top-100 funds
63% from top-100 AUM funds
45 of 300 holders are among the 100 largest funds by AUM, controlling 63% of total institutional value in HRI. 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 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.