13F scan flags stocks where a few focused managers—small books, few positions—are making one name a huge chunk of the portfolio, and this quarter the headline names are CCJ plus a REIT cluster (EQIX,

CCJ is the odd one out: 3 focused funds, and the median one has 5.5% of its book in it, while only 6 managers own it total. That's not consensus—it's a few small books treating uranium/nuclear as a core thesis while most institutions ignore it. EQIX: 3 focused funds, and the median one has 8.0% of its book in it, with just 10 total owners. A data-center REIT being that large in tiny portfolios says these managers think the AI/cloud buildout is still mispriced, not just a crowded megacap trade. PLD and WELL show the same pattern: 3 focused funds each, median weights of 9.3% and 8.2% of their books, low breadth—just 17 and 12 managers own them total. Industrial warehouses and healthcare real estate are being treated as concentrated bets by managers with only a few positions. So the smart money is hiding in unloved REITs and one uranium name. Watch next quarter to see if breadth rises—if more managers show up while weights stay high, conviction is building; if weights drop first, they're

CCJ is the odd one out: 3 focused funds, and the median one has 5.5% of its book in it, while only 6 managers own it total. That's not consensus—it's a few small books treating uranium/nuclear as a co