Based on 379 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their RH 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 — 92% of 3.0Y peak
92% of all-time peak
379 funds currently hold this stock — 92% of the 3.0-year high of 414 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 8% fewer funds vs a year ago
fund count last 6Q
35 fewer hedge funds hold RH compared to a year ago (-8% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 52% buying
231 buying213 selling
Last quarter: 231 funds bought or added vs 213 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.
📈
More new buyers each quarter (+18 vs last Q)
new funds entering per quarter
Funds opening a new RH position: 67 → 104 → 65 → 83. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 18% medium
■ 19% new
239 out of 379 hedge funds have held RH 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 — ~83 new funds/quarter
84 → 67 → 104 → 65 → 83 new funds/Q
New funds entering each quarter: 67 → 104 → 65 → 83. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 73% of holders stayed 2+ years
■ 73% veterans
■ 6% 1-2yr
■ 20% new
Of 414 current holders: 304 (73%) 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.
✅
Strong quality — 36% AUM from major funds
36% from top-100 AUM funds
43 of 379 holders rank in the top 100 by AUM, accounting for 36% 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.