Based on 100 hedge funds · latest filing: 2026 Q1 · updated quarterly
➡️
No change last quarter
The number of hedge funds holding this stock didn't change last quarter. Neither a buying nor selling signal on its own — watch the next quarter for direction.
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High ownership — 94% of 3.0Y peak
94% of all-time peak
100 funds currently hold this stock — 94% 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.
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Outflows — 6% fewer funds vs a year ago
fund count last 6Q
6 fewer hedge funds hold REFI compared to a year ago (-6% 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 — 50% buying
51 buying50 selling
Last quarter: 51 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.
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Steady new buyers — ~20 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 11 → 17 → 20 → 20. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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44% of holders stayed for 2+ years
■ 44% conviction (2yr+)
■ 24% medium
■ 32% new
44 out of 100 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.
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Growing discovery — still being found
18 → 11 → 17 → 20 → 20 new funds/Q
New funds entering each quarter: 11 → 17 → 20 → 20. A growing number of institutions are discovering REFI each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 49% veterans vs 33% newcomers
■ 49% veterans
■ 19% 1-2yr
■ 33% new
Entry-cohort mix of 101 holders: 49 (49%) are 2+ year veterans, 19 entered 1–2 years ago, and 33 (33%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 19% AUM from top-100
19% from top-100 AUM funds
27 of 99 holders rank in the top 100 by AUM, but together hold only 19% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.