Based on 5 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 RAND positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 45% of 3.0Y high
45% of all-time peak
Only 5 funds hold RAND today versus a peak of 11 funds at 2025 Q1 — just 45% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
📉
Outflows — 55% fewer funds vs a year ago
fund count last 6Q
6 fewer hedge funds hold RAND compared to a year ago (-55% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 14% buying
1 buying6 selling
Last quarter: 6 funds sold vs only 1 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 1 → 2 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
80% of holders stayed for 2+ years
■ 80% conviction (2yr+)
■ 20% medium
■ 0% new
4 out of 5 hedge funds have held RAND 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.
➡️
Steady discovery — ~1 new funds/quarter
7 → 1 → 1 → 2 → 1 new funds/Q
New funds entering each quarter: 1 → 1 → 2 → 1. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 80% of holders stayed 2+ years
■ 80% veterans
■ 0% 1-2yr
■ 20% new
Of 5 current holders: 4 (80%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
📋
Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
2 of 5 holders rank in the top 100 by AUM, but together hold only 0% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.