Based on 280 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their RARE positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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High ownership — 93% of 3.0Y peak
93% of all-time peak
280 funds currently hold this stock — 93% of the 3.0-year high of 302 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 7% fewer funds vs a year ago
fund count last 6Q
22 fewer hedge funds hold RARE compared to a year ago (-7% 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 — 51% buying
176 buying168 selling
Last quarter: 176 funds bought or added vs 168 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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More new buyers each quarter (+6 vs last Q)
new funds entering per quarter
Funds opening a new RARE position: 33 → 52 → 52 → 58. 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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59% of holders stayed for 2+ years
■ 59% conviction (2yr+)
■ 18% medium
■ 23% new
166 out of 280 hedge funds have held RARE 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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Buying through price weakness — shares +0%, value -86%
Last quarter: funds added +0% more shares while total portfolio value only changed -86%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
51 → 33 → 52 → 52 → 58 new funds/Q
New funds entering each quarter: 33 → 52 → 52 → 58. A growing number of institutions are discovering RARE each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 66% of holders stayed 2+ years
■ 66% veterans
■ 9% 1-2yr
■ 25% new
Of 307 current holders: 202 (66%) 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.
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Elite ownership — 40% AUM from top-100 funds
40% from top-100 AUM funds
36 of 280 holders are among the 100 largest funds by AUM, controlling 40% of total institutional value in RARE. 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 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.