Based on 4 hedge funds · latest filing: 2024 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 RRACF 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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Below peak — only 7% of 3.0Y high
7% of all-time peak
Only 4 funds hold RRACF today versus a peak of 61 funds at 2022 Q4 — just 7% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 89% fewer funds vs a year ago
fund count last 6Q
34 fewer hedge funds hold RRACF compared to a year ago (-89% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 12% buying
2 buying14 selling
Last quarter: 14 funds sold vs only 2 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
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Steady new buyers — ~0 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 3 → 2 → 0. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Price up while funds trimmed (-61% value, -78% shares)
Last quarter: total value of institutional RRACF holdings rose -61% even though funds reduced share count by 78%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Saturation — most institutions already know this story
3 → 4 → 3 → 2 → 0 new funds/Q
New funds entering each quarter: 4 → 3 → 2 → 0. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
Exit risk score 1.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.