Based on 1173 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their ROP 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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High ownership — 94% of 3.0Y peak
94% of all-time peak
1,173 funds currently hold this stock — 94% of the 3.0-year high of 1,246 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding ROP is almost the same as a year ago (-31 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
🟠
More sellers than buyers — 44% buying
532 buying666 selling
Last quarter: 666 funds reduced or exited vs 532 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.
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More new buyers each quarter (+43 vs last Q)
new funds entering per quarter
Funds opening a new ROP position: 150 → 127 → 106 → 149. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
71% of holders stayed for 2+ years
■ 71% conviction (2yr+)
■ 16% medium
■ 14% new
832 out of 1,173 hedge funds have held ROP 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.
➡️
Steady discovery — ~149 new funds/quarter
127 → 150 → 127 → 106 → 149 new funds/Q
New funds entering each quarter: 150 → 127 → 106 → 149. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 71% of holders stayed 2+ years
■ 71% veterans
■ 11% 1-2yr
■ 18% new
Of 1,190 current holders: 844 (71%) 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.
🏆
Elite ownership — 51% AUM from top-100 funds
51% from top-100 AUM funds
45 of 1173 holders are among the 100 largest funds by AUM, controlling 51% of total institutional value in ROP. 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.