Based on 301 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added IIPR 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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High ownership — 74% of 3.0Y peak
74% of all-time peak
301 funds currently hold this stock — 74% of the 3.0-year high of 407 funds (reached 2024 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 8% fewer funds vs a year ago
fund count last 6Q
26 fewer hedge funds hold IIPR compared to a year ago (-8% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 55% buying
154 buying124 selling
Last quarter: 154 funds bought or added vs 124 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 — ~42 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 39 → 46 → 43 → 42. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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68% of holders stayed for 2+ years
■ 68% conviction (2yr+)
■ 18% medium
■ 14% new
206 out of 301 hedge funds have held IIPR 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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Steady discovery — ~42 new funds/quarter
52 → 39 → 46 → 43 → 42 new funds/Q
New funds entering each quarter: 39 → 46 → 43 → 42. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 74% veterans vs 17% newcomers
■ 74% veterans
■ 8% 1-2yr
■ 17% new
Entry-cohort mix of 308 holders: 229 (74%) are 2+ year veterans, 26 entered 1–2 years ago, and 53 (17%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 36% AUM from major funds
36% from top-100 AUM funds
48 of 297 holders rank in the top 100 by AUM, accounting for 36% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.