Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

CHICAGO ATLANTIC REAL ESTATE (REFI)

99 + Investors. Track Smart Money conviction in REFI. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -1
Streak
1Q ▼
Buyers last Q
50%

Smart Money Signals — REFI

Based on 99 hedge funds · latest filing: 2026 Q1 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds reduced or closed their REFI 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 — 93% of 3.0Y peak

93% of all-time peak
99 funds currently hold this stock — 93% of the 3.0-year high of 106 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉

Outflows — 7% fewer funds vs a year ago

fund count last 6Q
7 fewer hedge funds hold REFI compared to a year ago (-7% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡

Slight buying edge — 50% buying

50 buying50 selling
Last quarter: 50 funds bought or added vs 50 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 — ~19 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 11 → 17 → 20 → 19. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒

44% of holders stayed for 2+ years

■ 44% conviction (2yr+) ■ 24% medium ■ 31% new
44 out of 99 hedge funds have held REFI 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.
📈

Growing discovery — still being found

18 → 11 → 17 → 20 → 19 new funds/Q
New funds entering each quarter: 11 → 17 → 20 → 19. A growing number of institutions are discovering REFI each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️

Deep conviction — 49% of holders stayed 2+ years

■ 49% veterans ■ 19% 1-2yr ■ 32% new
Of 100 current holders: 49 (49%) 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.
✅

Strong quality — 20% AUM from major funds

20% from top-100 AUM funds
28 of 99 holders rank in the top 100 by AUM, accounting for 20% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
3.4
out of 10
Low Exit Risk
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — REFI

In 2026 Q1, 50 hedge funds were net buyers of REFI (19 opened a new position, 31 added to an existing one), while 50 reduced or exited (30 trimmed, 20 sold completely) — a 50% buyer ratio, indicating a slight buying edge. 20% of total institutional value in REFI is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: -1 funds (more exits than new entries). Total institutional holders: 99.

Hedge Fund Ownership: REFI

How many hedge funds hold REFI — quarterly history vs. share price
Quarterly hedge fund ownership of REFI vs. share price

Market Analysis: REFI

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: REFI

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy CHICAGO ATLANTIC REAL ESTATE (REFI) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much REFI has moved relative to its sector benchmark (XLRE) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 51d ago
REFI
+6.7%
XLRE
+7.6%

REFI outperformed XLRE by -0.9% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 6d ago
REFI
+1.2%
XLRE
+1.6%

Since the filing became public, REFI outperformed XLRE by -0.4% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

14 top-rated funds 1 high-conviction
Consensus
5.1
/ 10
breadth
×
Elite
1.1
/ 10
conviction
Hedge Fund Positioning: REFI
99 + Investors

Track Smart Money conviction in REFI. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 99 100 -1.0%
13F Shares 6M 7M -3.24%
Total Value $68M $80M -15.34%
New Positions 19 20 -1
Increased Positions 30 37 -7
Closed Positions 20 17 +3
Reduced Positions 30 31 -1
Total Calls 0 0 -
Total Puts 2 1 100.0%
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: REFI

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Short % of Float --

Financial Highlights

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Institutional Holders (2026 Q1)

99 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in REFI. Verified SEC 13F-HR filings.

QUARTER:
Top 25 institutional holders of REFI — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Fielder Capital Group LLC 2.37% 959,800 $10.9M
2 Clayton Partners LLC 1.24% 150,344 $1.7M
3 CDC Financial, Inc. 1.02% 141,550 $1.6M
4 INTREPID CAPITAL MANAGEMENT INC 0.32% 73,922 $837K
5 DOLIVER ADVISORS, LP 0.29% 111,808 $1.3M
6 Mission Financial Group, LLC 0.22% 20,984 $238K
7 Sage Mountain Advisors LLC 0.08% 98,730 $1.1M
8 Odyssean, LLC 0.05% 12,975 $147K
9 Virtus Investment Advisers, LLC 0.05% 15,185 $172K
10 United Advisor Group, LLC 0.03% 23,950 $271K
11 Magnus Financial Group LLC 0.03% 32,732 $371K
12 Vivaldi Capital Management LP 0.02% 10,095 $114K
13 Penserra Capital Management LLC 0.01% 94,782 $1K
14 AlTi Global, Inc. 0.00% 17,333 $204K
15 Connor, Clark & Lunn Investment Management Ltd. 0.00% 116,269 $1.3M
16 EVERETT HARRIS & CO /CA/ 0.00% 18,400 $208K
17 GREAT LAKES ADVISORS, LLC 0.00% 27,384 $310K
18 Corient Private Wealth LLC 0.00% 156,217 $1.8M
19 VAN ECK ASSOCIATES CORP 0.00% 236,157 $3K
20 AlphaQuest LLC 0.00% 2,221 $27K
21 Empowered Funds, LLC 0.00% 19,998 $226K
22 Quantinno Capital Management LP 0.00% 75,566 $855K
23 OSAIC HOLDINGS, INC. 0.00% 84,052 $951K
24 ExodusPoint Capital Management, LP 0.00% 10,150 $115K
25 Tidal Investments LLC 0.00% 38,628 $437K
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — CHICAGO ATLANTIC REAL ESTATE (REFI)

What does the Smart Money Trend signal show for REFI?

Selling streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds reduced or closed their REFI positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for REFI?

Slight buying edge — 50% buying: Last quarter: 50 funds bought or added vs 50 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.

What is the fund quality score for REFI holders?

Strong quality — 20% AUM from major funds: 28 of 99 holders rank in the top 100 by AUM, accounting for 20% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

How long have hedge funds held REFI?

44% of holders stayed for 2+ years: 44 out of 99 hedge funds have held REFI 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.

Is it too late to buy CHICAGO ATLANTIC REAL ESTATE (REFI) following the 2026 Q1 hedge fund 13F filings?

As of today, REFI has moved +1.2% since the 2026 Q1 13F filing date (May 15, 2026), compared to +1.6% for the XLRE sector ETF — an outperformance of -0.4%. Since the quarter end (March 31, 2026), REFI has gained +6.7% vs +7.6% for XLRE. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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