Based on 98 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added RLX 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.
🏔️
At the ownership peak (95% of max)
95% of all-time peak
98 hedge funds hold RLX 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.
📉
Outflows — 5% fewer funds vs a year ago
fund count last 6Q
5 fewer hedge funds hold RLX compared to a year ago (-5% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟢
More buyers than sellers — 61% buying
56 buying36 selling
Last quarter: 56 funds were net buyers (20 opened a brand new position + 36 added to an existing one). Only 36 were sellers (25 trimmed + 11 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+6 vs last Q)
new funds entering per quarter
Funds opening a new RLX position: 12 → 15 → 14 → 20. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
61% of holders stayed for 2+ years
■ 61% conviction (2yr+)
■ 14% medium
■ 24% new
60 out of 98 hedge funds have held RLX 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.
📈
Growing discovery — still being found
17 → 12 → 15 → 14 → 20 new funds/Q
New funds entering each quarter: 12 → 15 → 14 → 20. A growing number of institutions are discovering RLX each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 71% of holders stayed 2+ years
■ 71% veterans
■ 4% 1-2yr
■ 25% new
Of 101 current holders: 72 (71%) 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.
🏆
Elite ownership — 100% AUM from top-100 funds
100% from top-100 AUM funds
22 of 98 holders are among the 100 largest funds by AUM, controlling 100% of total institutional value in RLX. 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 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.