Based on 20 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 RPAR 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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High ownership — 77% of 3.0Y peak
77% of all-time peak
20 funds currently hold this stock — 77% of the 3.0-year high of 26 funds (reached 2023 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 9% fewer funds vs a year ago
fund count last 6Q
2 fewer hedge funds hold RPAR compared to a year ago (-9% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 55% buying
11 buying9 selling
Last quarter: 11 funds bought or added vs 9 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 — ~5 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 4 → 0 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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65% of holders stayed for 2+ years
■ 65% conviction (2yr+)
■ 5% medium
■ 30% new
13 out of 20 hedge funds have held RPAR 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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Peak discovery — momentum slowing
4 → 3 → 4 → 0 → 5 new funds/Q
New funds entering each quarter: 3 → 4 → 0 → 5. RPAR is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Veteran-anchored — 65% veterans vs 35% newcomers
■ 65% veterans
■ 0% 1-2yr
■ 35% new
Entry-cohort mix of 20 holders: 13 (65%) are 2+ year veterans, 0 entered 1–2 years ago, and 7 (35%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 3% AUM from top-100
3% from top-100 AUM funds
6 of 20 holders rank in the top 100 by AUM, but together hold only 3% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.