Based on 121 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 RNP 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 (95% of max)
95% of all-time peak
121 hedge funds hold RNP 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 RNP is almost the same as a year ago (+3 funds, +3% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 50% buying
56 buying55 selling
Last quarter: 56 funds bought or added vs 55 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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Steady new buyers — ~18 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 16 → 16 → 17 → 18. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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57% of holders stayed for 2+ years
■ 57% conviction (2yr+)
■ 25% medium
■ 18% new
69 out of 121 hedge funds have held RNP 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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Steady discovery — ~18 new funds/quarter
27 → 16 → 16 → 17 → 18 new funds/Q
New funds entering each quarter: 16 → 16 → 17 → 18. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 63% of holders stayed 2+ years
■ 63% veterans
■ 12% 1-2yr
■ 26% new
Of 121 current holders: 76 (63%) 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 — 51% AUM from top-100 funds
51% from top-100 AUM funds
14 of 121 holders are among the 100 largest funds by AUM, controlling 51% of total institutional value in RNP. 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 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.