Based on 78 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their RERE positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (96% of max)
96% of all-time peak
78 hedge funds hold RERE 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 — +39% more funds vs a year ago
fund count last 6Q
+22 new funds entered over the past year (+39% 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.
🔴
Heavy selling pressure — only 38% buying
30 buying50 selling
Last quarter: 50 funds sold vs only 30 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-9 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 22 → 22 → 22 → 13. 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.
📌
Mixed — 33% long-term, 29% new
■ 33% conviction (2yr+)
■ 37% medium
■ 29% new
Of the 78 current holders: 26 (33%) held >2 years, 29 held 1–2 years, and 23 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💎
Buying through price weakness — shares +2%, value -17%
Last quarter: funds added +2% more shares while total portfolio value only changed -17%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊
Peak discovery — momentum slowing
10 → 22 → 22 → 22 → 13 new funds/Q
New funds entering each quarter: 22 → 22 → 22 → 13. RERE is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
📊
Mixed cohorts — 33% veterans, 41% new entrants
■ 33% veterans
■ 26% 1-2yr
■ 41% new
Of 78 current holders: 26 (33%) held 2+ years, 20 held 1–2 years, 32 (41%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 38% AUM from major funds
38% from top-100 AUM funds
19 of 78 holders rank in the top 100 by AUM, accounting for 38% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.5
out of 10
Moderate Exit Risk
Exit risk score 4.5/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.