Based on 35 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added RFEM than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
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At the ownership peak (95% of max)
95% of all-time peak
35 hedge funds hold RFEM 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.
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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding RFEM is almost the same as a year ago (-1 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
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More buyers than sellers — 71% buying
22 buying9 selling
Last quarter: 22 funds were net buyers (7 opened a brand new position + 15 added to an existing one). Only 9 were sellers (5 trimmed + 4 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 3 → 3 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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57% of holders stayed for 2+ years
■ 57% conviction (2yr+)
■ 29% medium
■ 14% new
20 out of 35 hedge funds have held RFEM 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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Steady discovery — ~7 new funds/quarter
7 → 2 → 3 → 3 → 7 new funds/Q
New funds entering each quarter: 2 → 3 → 3 → 7. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 66% of holders stayed 2+ years
■ 66% veterans
■ 9% 1-2yr
■ 26% new
Of 35 current holders: 23 (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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Strong quality — 23% AUM from major funds
23% from top-100 AUM funds
6 of 35 holders rank in the top 100 by AUM, accounting for 23% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.