Based on 584 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added REG 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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At the ownership peak (100% of max)
100% of all-time peak
584 hedge funds hold REG right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
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Steady growth — +16% more funds vs a year ago
fund count last 6Q
+79 new funds entered over the past year (+16% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 53% buying
291 buying262 selling
Last quarter: 291 funds bought or added vs 262 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 — ~93 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 70 → 65 → 91 → 93. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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61% of holders stayed for 2+ years
■ 61% conviction (2yr+)
■ 20% medium
■ 19% new
359 out of 584 hedge funds have held REG 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
70 → 70 → 65 → 91 → 93 new funds/Q
New funds entering each quarter: 70 → 65 → 91 → 93. A growing number of institutions are discovering REG each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 67% veterans vs 22% newcomers
■ 67% veterans
■ 11% 1-2yr
■ 22% new
Entry-cohort mix of 587 holders: 392 (67%) are 2+ year veterans, 64 entered 1–2 years ago, and 131 (22%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 47% AUM from top-100 funds
47% from top-100 AUM funds
62 of 584 holders are among the 100 largest funds by AUM, controlling 47% of total institutional value in REG. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.