Based on 40 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their RFL positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 91% of 3.0Y peak
91% of all-time peak
40 funds currently hold this stock — 91% of the 3.0-year high of 44 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
🚀
Fast accumulation — +33% more funds vs a year ago
fund count last 6Q
+10 new funds entered over the past year (+33% 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. The peak was reached in just 3 quarters from the low — a sharp move.
🔴
Heavy selling pressure — only 35% buying
11 buying20 selling
Last quarter: 20 funds sold vs only 11 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 10 → 13 → 7 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 22% medium
■ 18% new
24 out of 40 hedge funds have held RFL 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.
💰
Price up while funds trimmed (+822% value, -2% shares)
Last quarter: total value of institutional RFL holdings rose +822% even though funds reduced share count by 2%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
⚠️
Saturation — most institutions already know this story
2 → 10 → 13 → 7 → 3 new funds/Q
New funds entering each quarter: 10 → 13 → 7 → 3. 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.
🏛️
Deep conviction — 65% of holders stayed 2+ years
■ 65% veterans
■ 5% 1-2yr
■ 30% new
Of 40 current holders: 26 (65%) 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.
📋
Smaller funds dominant — 6% AUM from top-100
6% from top-100 AUM funds
14 of 40 holders rank in the top 100 by AUM, but together hold only 6% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.