Based on 286 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their RNG positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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At the ownership peak (96% of max)
96% of all-time peak
286 hedge funds hold RNG 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding RNG is almost the same as a year ago (-5 funds, -2% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 53% buying
172 buying152 selling
Last quarter: 172 funds bought or added vs 152 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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Fewer new buyers each quarter (-14 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 44 → 44 → 64 → 50. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
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61% of holders stayed for 2+ years
■ 61% conviction (2yr+)
■ 18% medium
■ 21% new
174 out of 286 hedge funds have held RNG 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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Growing discovery — still being found
59 → 44 → 44 → 64 → 50 new funds/Q
New funds entering each quarter: 44 → 44 → 64 → 50. A growing number of institutions are discovering RNG each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 69% of holders stayed 2+ years
■ 69% veterans
■ 9% 1-2yr
■ 22% new
Of 299 current holders: 206 (69%) 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.
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Elite ownership — 54% AUM from top-100 funds
54% from top-100 AUM funds
40 of 286 holders are among the 100 largest funds by AUM, controlling 54% of total institutional value in RNG. 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.