Based on 274 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 RNST 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 (98% of max)
98% of all-time peak
274 hedge funds hold RNST 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 — +14% more funds vs a year ago
fund count last 6Q
+33 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.
🟡
Slight buying edge — 54% buying
144 buying123 selling
Last quarter: 144 funds bought or added vs 123 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 — ~34 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 56 → 32 → 34 → 34. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 23% medium
■ 14% new
172 out of 274 hedge funds have held RNST 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.
📊
Peak discovery — momentum slowing
44 → 56 → 32 → 34 → 34 new funds/Q
New funds entering each quarter: 56 → 32 → 34 → 34. RNST 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 — 67% veterans vs 24% newcomers
■ 67% veterans
■ 9% 1-2yr
■ 24% new
Entry-cohort mix of 277 holders: 185 (67%) are 2+ year veterans, 25 entered 1–2 years ago, and 67 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 51% AUM from top-100 funds
51% from top-100 AUM funds
49 of 274 holders are among the 100 largest funds by AUM, controlling 51% of total institutional value in RNST. 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 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.