Based on 217 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds reduced or closed their RPD 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 — 77% of 3.0Y peak
77% of all-time peak
217 funds currently hold this stock — 77% of the 3.0-year high of 282 funds (reached 2023 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 17% fewer funds vs a year ago
fund count last 6Q
43 fewer hedge funds hold RPD compared to a year ago (-17% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 53% buying
138 buying122 selling
Last quarter: 138 funds bought or added vs 122 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 (+7 vs last Q)
new funds entering per quarter
Funds opening a new RPD position: 38 → 36 → 38 → 45. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
65% of holders stayed for 2+ years
■ 65% conviction (2yr+)
■ 21% medium
■ 14% new
141 out of 217 hedge funds have held RPD 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
48 → 38 → 36 → 38 → 45 new funds/Q
New funds entering each quarter: 38 → 36 → 38 → 45. A growing number of institutions are discovering RPD each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 75% of holders stayed 2+ years
■ 75% veterans
■ 10% 1-2yr
■ 15% new
Of 231 current holders: 174 (75%) 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.
✅
Strong quality — 37% AUM from major funds
37% from top-100 AUM funds
37 of 217 holders rank in the top 100 by AUM, accounting for 37% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.