Based on 823 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their ROL positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (95% of max)
95% of all-time peak
823 hedge funds hold ROL 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.
📶
Steady growth — +10% more funds vs a year ago
fund count last 6Q
+72 new funds entered over the past year (+10% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠
More sellers than buyers — 47% buying
415 buying463 selling
Last quarter: 463 funds reduced or exited vs 415 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
📈
More new buyers each quarter (+9 vs last Q)
new funds entering per quarter
Funds opening a new ROL position: 112 → 150 → 114 → 123. 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+)
■ 20% medium
■ 19% new
502 out of 823 hedge funds have held ROL 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.
💎
Buying through price weakness — shares +8%, value -17%
Last quarter: funds added +8% more shares while total portfolio value only changed -17%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~123 new funds/quarter
106 → 112 → 150 → 114 → 123 new funds/Q
New funds entering each quarter: 112 → 150 → 114 → 123. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 66% veterans vs 22% newcomers
■ 66% veterans
■ 12% 1-2yr
■ 22% new
Entry-cohort mix of 834 holders: 549 (66%) are 2+ year veterans, 101 entered 1–2 years ago, and 184 (22%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 49% AUM from top-100 funds
49% from top-100 AUM funds
66 of 820 holders are among the 100 largest funds by AUM, controlling 49% of total institutional value in ROL. 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.