Based on 103 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds reduced or closed their REI 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 67% of 3.0Y high
67% of all-time peak
Only 103 funds hold REI today versus a peak of 153 funds at 2024 Q3 — just 67% 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 — 30% fewer funds vs a year ago
fund count last 6Q
45 fewer hedge funds hold REI compared to a year ago (-30% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 42% buying
46 buying64 selling
Last quarter: 64 funds reduced or exited vs 46 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️
Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 22 → 34 → 29 → 22. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 15% medium
■ 25% new
62 out of 103 hedge funds have held REI 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.
💎
Buying through price weakness — shares -0%, value -20%
Last quarter: funds added -0% more shares while total portfolio value only changed -20%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~22 new funds/quarter
19 → 22 → 34 → 29 → 22 new funds/Q
New funds entering each quarter: 22 → 34 → 29 → 22. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 67% of holders stayed 2+ years
■ 67% veterans
■ 8% 1-2yr
■ 25% new
Of 110 current holders: 74 (67%) 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.
🏆
Elite ownership — 53% AUM from top-100 funds
53% from top-100 AUM funds
21 of 103 holders are among the 100 largest funds by AUM, controlling 53% of total institutional value in REI. 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 2.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.