Based on 56 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their RIV positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (97% of max)
97% of all-time peak
56 hedge funds hold RIV 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.
🚀
Fast accumulation — +24% more funds vs a year ago
fund count last 6Q
+11 new funds entered over the past year (+24% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟡
Slight buying edge — 52% buying
25 buying23 selling
Last quarter: 25 funds bought or added vs 23 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.
⚠️
Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 9 → 11 → 11 → 4. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
59% of holders stayed for 2+ years
■ 59% conviction (2yr+)
■ 23% medium
■ 18% new
33 out of 56 hedge funds have held RIV 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.
💎
Buying through price weakness — shares -4%, value -98%
Last quarter: funds added -4% more shares while total portfolio value only changed -98%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊
Peak discovery — momentum slowing
6 → 9 → 11 → 11 → 4 new funds/Q
New funds entering each quarter: 9 → 11 → 11 → 4. RIV is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 62% veterans vs 29% newcomers
■ 62% veterans
■ 9% 1-2yr
■ 29% new
Entry-cohort mix of 56 holders: 35 (62%) are 2+ year veterans, 5 entered 1–2 years ago, and 16 (29%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 54% AUM from top-100 funds
54% from top-100 AUM funds
7 of 56 holders are among the 100 largest funds by AUM, controlling 54% of total institutional value in RIV. 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.