Based on 7 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their RDAC 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 30% of 3.0Y high
30% of all-time peak
Only 7 funds hold RDAC today versus a peak of 23 funds at 2024 Q4 — just 30% 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.
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Outflows — 61% fewer funds vs a year ago
fund count last 6Q
11 fewer hedge funds hold RDAC compared to a year ago (-61% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 11% buying
1 buying8 selling
Last quarter: 8 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: 3 → 1 → 1 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 14% entered in last year
■ 14% conviction (2yr+)
■ 71% medium
■ 14% new
Only 1 funds (14%) 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.
⚠️
Saturation — most institutions already know this story
2 → 3 → 1 → 1 → 1 new funds/Q
New funds entering each quarter: 3 → 1 → 1 → 1. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
📊
Mixed cohorts — 14% veterans, 29% new entrants
■ 14% veterans
■ 57% 1-2yr
■ 29% new
Of 7 current holders: 1 (14%) held 2+ years, 4 held 1–2 years, 2 (29%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 37% AUM from major funds
37% from top-100 AUM funds
3 of 7 holders rank in the top 100 by AUM, accounting for 37% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.