Based on 112 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 RM 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
112 hedge funds hold RM 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.
📶
Steady growth — +6% more funds vs a year ago
fund count last 6Q
+6 new funds entered over the past year (+6% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 54% buying
60 buying51 selling
Last quarter: 60 funds bought or added vs 51 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.
➡️
Steady new buyers — ~15 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 8 → 19 → 16 → 15. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
61% of holders stayed for 2+ years
■ 61% conviction (2yr+)
■ 20% medium
■ 20% new
68 out of 112 hedge funds have held RM 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 +2%, value -15%
Last quarter: funds added +2% more shares while total portfolio value only changed -15%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
17 → 8 → 19 → 16 → 15 new funds/Q
New funds entering each quarter: 8 → 19 → 16 → 15. A growing number of institutions are discovering RM each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 70% veterans vs 22% newcomers
■ 70% veterans
■ 8% 1-2yr
■ 22% new
Entry-cohort mix of 113 holders: 79 (70%) are 2+ year veterans, 9 entered 1–2 years ago, and 25 (22%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 31% AUM from major funds
31% from top-100 AUM funds
36 of 112 holders rank in the top 100 by AUM, accounting for 31% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.