Based on 133 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their RGP 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 — 76% of 3.0Y peak
76% of all-time peak
133 funds currently hold this stock — 76% of the 3.0-year high of 175 funds (reached 2024 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 6% fewer funds vs a year ago
fund count last 6Q
9 fewer hedge funds hold RGP compared to a year ago (-6% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 51% buying
78 buying76 selling
Last quarter: 78 funds bought or added vs 76 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️
Steady new buyers — ~29 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 28 → 27 → 30 → 29. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
58% of holders stayed for 2+ years
■ 58% conviction (2yr+)
■ 20% medium
■ 23% new
77 out of 133 hedge funds have held RGP 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.
➡️
Steady discovery — ~29 new funds/quarter
22 → 28 → 27 → 30 → 29 new funds/Q
New funds entering each quarter: 28 → 27 → 30 → 29. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 62% veterans vs 26% newcomers
■ 62% veterans
■ 12% 1-2yr
■ 26% new
Entry-cohort mix of 134 holders: 83 (62%) are 2+ year veterans, 16 entered 1–2 years ago, and 35 (26%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 32% AUM from major funds
32% from top-100 AUM funds
34 of 133 holders rank in the top 100 by AUM, accounting for 32% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.