Based on 169 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added RSPN 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 (100% of max)
100% of all-time peak
169 hedge funds hold RSPN 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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Steady growth — +19% more funds vs a year ago
fund count last 6Q
+27 new funds entered over the past year (+19% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 55% buying
83 buying68 selling
Last quarter: 83 funds bought or added vs 68 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 — ~30 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 14 → 15 → 28 → 30. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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56% of holders stayed for 2+ years
■ 56% conviction (2yr+)
■ 19% medium
■ 25% new
95 out of 169 hedge funds have held RSPN 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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Value +61% but shares only +42% — price-driven
Last quarter: the total dollar value of institutional holdings rose +61%, but actual share count only changed +42%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Acceleration phase — new buyers rushing in
20 → 14 → 15 → 28 → 30 new funds/Q
New funds entering each quarter: 14 → 15 → 28 → 30. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Veteran-anchored — 62% veterans vs 27% newcomers
■ 62% veterans
■ 11% 1-2yr
■ 27% new
Entry-cohort mix of 169 holders: 104 (62%) are 2+ year veterans, 19 entered 1–2 years ago, and 46 (27%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 61% AUM from top-100 funds
61% from top-100 AUM funds
18 of 169 holders are among the 100 largest funds by AUM, controlling 61% of total institutional value in RSPN. 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 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.