Based on 450 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds added MRP 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
450 hedge funds hold MRP 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 — +44900% more funds vs a year ago
fund count last 6Q
+449 new funds entered over the past year (+44900% 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.
🟢
More buyers than sellers — 65% buying
278 buying150 selling
Last quarter: 278 funds were net buyers (94 opened a brand new position + 184 added to an existing one). Only 150 were sellers (94 trimmed + 56 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+19 vs last Q)
new funds entering per quarter
Funds opening a new MRP position: 394 → 86 → 75 → 94. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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Mostly new holders — 43% entered in last year
■ 2% conviction (2yr+)
■ 54% medium
■ 43% new
Only 10 funds (2%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
📊
Peak discovery — momentum slowing
1 → 394 → 86 → 75 → 94 new funds/Q
New funds entering each quarter: 394 → 86 → 75 → 94. MRP is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🌱
Early stage — 97% of holders entered in last year
■ 3% veterans
■ 0% 1-2yr
■ 97% new
Of 461 current holders: 447 (97%) entered in the past year, only 13 (3%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
🏆
Elite ownership — 40% AUM from top-100 funds
40% from top-100 AUM funds
41 of 450 holders are among the 100 largest funds by AUM, controlling 40% of total institutional value in MRP. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
5.4
out of 10
Moderate Exit Risk
Exit risk score 5.4/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.