Based on 67 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 RNAC 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
67 hedge funds hold RNAC 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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Steady growth — +6% more funds vs a year ago
fund count last 6Q
+4 new funds entered over the past year (+6% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 58% buying
40 buying29 selling
Last quarter: 40 funds bought or added vs 29 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.
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More new buyers each quarter (+12 vs last Q)
new funds entering per quarter
Funds opening a new RNAC position: 12 → 7 → 5 → 17. 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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Mostly new holders — 30% entered in last year
■ 6% conviction (2yr+)
■ 64% medium
■ 30% new
Only 4 funds (6%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Buying through price weakness — shares -14%, value -39%
Last quarter: funds added -14% more shares while total portfolio value only changed -39%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
14 → 12 → 7 → 5 → 17 new funds/Q
New funds entering each quarter: 12 → 7 → 5 → 17. A growing number of institutions are discovering RNAC each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Mixed cohorts — 7% veterans, 40% new entrants
■ 7% veterans
■ 53% 1-2yr
■ 40% new
Of 68 current holders: 5 (7%) held 2+ years, 36 held 1–2 years, 27 (40%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 53% AUM from top-100 funds
53% from top-100 AUM funds
21 of 67 holders are among the 100 largest funds by AUM, controlling 53% of total institutional value in RNAC. 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 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.