Based on 387 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 RHP 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
387 hedge funds hold RHP 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 — +14% more funds vs a year ago
fund count last 6Q
+48 new funds entered over the past year (+14% 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 — 57% buying
218 buying164 selling
Last quarter: 218 funds bought or added vs 164 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 — ~59 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 59 → 41 → 63 → 59. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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59% of holders stayed for 2+ years
■ 59% conviction (2yr+)
■ 24% medium
■ 18% new
227 out of 387 hedge funds have held RHP 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
50 → 59 → 41 → 63 → 59 new funds/Q
New funds entering each quarter: 59 → 41 → 63 → 59. A growing number of institutions are discovering RHP each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 63% veterans vs 24% newcomers
■ 63% veterans
■ 12% 1-2yr
■ 24% new
Entry-cohort mix of 392 holders: 248 (63%) are 2+ year veterans, 48 entered 1–2 years ago, and 96 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 56% AUM from top-100 funds
56% from top-100 AUM funds
54 of 385 holders are among the 100 largest funds by AUM, controlling 56% of total institutional value in RHP. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.