Based on 570 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 RGA 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
570 hedge funds hold RGA 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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Outflows — 5% fewer funds vs a year ago
fund count last 6Q
27 fewer hedge funds hold RGA compared to a year ago (-5% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More sellers than buyers — 49% buying
279 buying288 selling
Last quarter: 288 funds reduced or exited vs 279 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.
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More new buyers each quarter (+38 vs last Q)
new funds entering per quarter
Funds opening a new RGA position: 77 → 69 → 63 → 101. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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64% of holders stayed for 2+ years
■ 64% conviction (2yr+)
■ 20% medium
■ 16% new
365 out of 570 hedge funds have held RGA 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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Growing discovery — still being found
77 → 77 → 69 → 63 → 101 new funds/Q
New funds entering each quarter: 77 → 69 → 63 → 101. A growing number of institutions are discovering RGA each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 66% of holders stayed 2+ years
■ 66% veterans
■ 12% 1-2yr
■ 22% new
Of 575 current holders: 380 (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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Elite ownership — 48% AUM from top-100 funds
48% from top-100 AUM funds
46 of 570 holders are among the 100 largest funds by AUM, controlling 48% of total institutional value in RGA. 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 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.