Based on 162 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added REPX 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
162 hedge funds hold REPX 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 — +9% more funds vs a year ago
fund count last 6Q
+13 new funds entered over the past year (+9% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 68% buying
113 buying53 selling
Last quarter: 113 funds were net buyers (42 opened a brand new position + 71 added to an existing one). Only 53 were sellers (33 trimmed + 20 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+25 vs last Q)
new funds entering per quarter
Funds opening a new REPX position: 11 → 21 → 17 → 42. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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41% of holders stayed for 2+ years
■ 41% conviction (2yr+)
■ 28% medium
■ 30% new
67 out of 162 hedge funds have held REPX 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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Value +43% but shares only +5% — price-driven
Last quarter: the total dollar value of institutional holdings rose +43%, but actual share count only changed +5%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Acceleration phase — new buyers rushing in
27 → 11 → 21 → 17 → 42 new funds/Q
New funds entering each quarter: 11 → 21 → 17 → 42. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Veteran-anchored — 47% veterans vs 30% newcomers
■ 47% veterans
■ 23% 1-2yr
■ 30% new
Entry-cohort mix of 164 holders: 77 (47%) are 2+ year veterans, 38 entered 1–2 years ago, and 49 (30%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 33% AUM from major funds
33% from top-100 AUM funds
40 of 162 holders rank in the top 100 by AUM, accounting for 33% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.