Based on 121 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added RM 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 (100% of max)
100% of all-time peak
121 hedge funds hold RM 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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Fast accumulation — +21% more funds vs a year ago
fund count last 6Q
+21 new funds entered over the past year (+21% 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.
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More buyers than sellers — 63% buying
72 buying43 selling
Last quarter: 72 funds were net buyers (21 opened a brand new position + 51 added to an existing one). Only 43 were sellers (31 trimmed + 12 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+6 vs last Q)
new funds entering per quarter
Funds opening a new RM position: 19 → 16 → 15 → 21. 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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60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 26% medium
■ 15% new
72 out of 121 hedge funds have held RM 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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Price up while funds trimmed (+19% value, -0% shares)
Last quarter: total value of institutional RM holdings rose +19% even though funds reduced share count by 0%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Steady discovery — ~21 new funds/quarter
8 → 19 → 16 → 15 → 21 new funds/Q
New funds entering each quarter: 19 → 16 → 15 → 21. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 70% veterans vs 20% newcomers
■ 70% veterans
■ 10% 1-2yr
■ 20% new
Entry-cohort mix of 121 holders: 85 (70%) are 2+ year veterans, 12 entered 1–2 years ago, and 24 (20%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 50% AUM from top-100 funds
50% from top-100 AUM funds
40 of 121 holders are among the 100 largest funds by AUM, controlling 50% of total institutional value in RM. 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 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.