Based on 36 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added RSPC than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
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At the ownership peak (95% of max)
95% of all-time peak
36 hedge funds hold RSPC 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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Outflows — 5% fewer funds vs a year ago
fund count last 6Q
2 fewer hedge funds hold RSPC compared to a year ago (-5% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 53% buying
19 buying17 selling
Last quarter: 19 funds bought or added vs 17 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 — ~10 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 7 → 6 → 10. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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50% of holders stayed for 2+ years
■ 50% conviction (2yr+)
■ 31% medium
■ 19% new
18 out of 36 hedge funds have held RSPC 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 — ~10 new funds/quarter
10 → 3 → 7 → 6 → 10 new funds/Q
New funds entering each quarter: 3 → 7 → 6 → 10. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 61% of holders stayed 2+ years
■ 61% veterans
■ 14% 1-2yr
■ 25% new
Of 36 current holders: 22 (61%) 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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Strong quality — 22% AUM from major funds
22% from top-100 AUM funds
8 of 36 holders rank in the top 100 by AUM, accounting for 22% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.