Why One Fund Sold All Its Stock in a Healthcare REIT Up 77% Over the Past Year

On November 14, California-based Global IMC disclosed it sold out its entire position in American Healthcare REIT (NYSE:AHR), a move valued at approximately $8.16 million.

What Happened

According to a U.S. Securities and Exchange Commission (SEC) filing dated November 14, Global IMC LLC sold all 222,038 shares of American Healthcare REIT (NYSE:AHR). The estimated transaction value, based on quarterly average pricing, was $8.16 million.

What Else to Know

Global IMC's AHR stake previously accounted for 2.1% of fund AUM.

Top holdings after the filing:

• NYSE: KGC: $3.76 million (15.9% of AUM)
• NYSE: HBM: $3.54 million (15.0% of AUM)
• NASDAQ: TSEM: $3.45 million (14.6% of AUM)
• NASDAQ: IREN: $3.45 million (14.6% of AUM)
• NYSE: EGO: $3.33 million (14.1% of AUM)

As of Friday, AHR shares were priced at $48.13, up 77% over the past year and well outperforming the S&P 500, which has climbed 16.5% in the same period.

Company Overview

Company Snapshot

• American Healthcare REIT owns and manages a diversified portfolio of medical office buildings, senior housing communities, skilled nursing facilities, and integrated senior health campuses across the United States and the United Kingdom.
• The company operates as a healthcare-focused real estate investment trust (REIT).
• It serves institutional investors and healthcare operators seeking stable, income-generating real estate assets.

American Healthcare REIT is a leading healthcare-focused REIT that leverages a fully integrated management platform and an experienced team to capitalize on demographic-driven demand for healthcare real estate. Its scale, asset quality, and established operator relationships position it to benefit from long-term sector growth and access to public capital markets.

Foolish Take

Global IMC’s AHR position was sold amid a particularly strong run, and that’s certainly notable. In a portfolio where the top holdings each make up more than 14% of assets, a 2.1% position was never a core bet. And when capital is concentrated elsewhere, smaller positions often become sources of liquidity rather than long-term compounders, especially after a stock delivers a clean rally.

That makes the timing understandable, even if the underlying business remains solid. In the third quarter, American Healthcare REIT reported GAAP net income of $55.9 million, or $0.33 per share, alongside normalized funds from operations of $0.44 per share. Meanwhile, same-store NOI grew 16.4% year over year, driven by especially strong performance in senior housing and integrated senior health campuses. Management also raised full-year guidance, now expecting normalized FFO of up to $1.72 per share and same-store NOI growth as high as 15% for 2025.

This exit does not invalidate the story; it highlights how disciplined funds recycle capital after rallies, even in businesses that are executing well. Strong fundamentals do not always mean a stock stays in the portfolio forever.

Glossary

13F reportable assets: Assets that institutional investment managers must disclose quarterly to the U.S. Securities and Exchange Commission (SEC), showing their holdings.

AUM (Assets Under Management): The total market value of assets a fund or investment firm manages on behalf of clients.

Fund liquidation: The process of selling all assets in a fund, typically to close the fund or return capital to investors.

Dividend yield: A financial ratio showing how much a company pays in dividends each year relative to its stock price.

REIT (Real Estate Investment Trust): A company that owns, operates, or finances income-producing real estate and distributes most income to shareholders.

Integrated management platform: A business structure where all key operational functions are managed within the company, enhancing efficiency and control.

Operator relationships: Partnerships or agreements with third-party companies that manage or operate properties owned by a REIT.

Public capital markets: Financial markets where companies raise funds by issuing securities to the public, such as stock exchanges.

Gross investment value: The total value of all investments made by a company, before accounting for debt or liabilities.

Demographic-driven demand: Market demand influenced by population trends, such as aging populations increasing need for healthcare facilities.

Portfolio: The collection of investments or assets owned by an individual or institution.

TTM: The 12-month period ending with the most recent quarterly report.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.