Based on 53 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their RSPR positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 83% of 3.0Y peak
83% of all-time peak
53 funds currently hold this stock — 83% of the 3.0-year high of 64 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 9% fewer funds vs a year ago
fund count last 6Q
5 fewer hedge funds hold RSPR compared to a year ago (-9% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 44% buying
27 buying34 selling
Last quarter: 34 funds reduced or exited vs 27 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.
⚠️
Fewer new buyers each quarter (-8 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 11 → 7 → 15 → 7. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
58% of holders stayed for 2+ years
■ 58% conviction (2yr+)
■ 25% medium
■ 17% new
31 out of 53 hedge funds have held RSPR 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 — ~7 new funds/quarter
12 → 11 → 7 → 15 → 7 new funds/Q
New funds entering each quarter: 11 → 7 → 15 → 7. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 58% veterans vs 23% newcomers
■ 58% veterans
■ 19% 1-2yr
■ 23% new
Entry-cohort mix of 53 holders: 31 (58%) are 2+ year veterans, 10 entered 1–2 years ago, and 12 (23%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 37% AUM from major funds
37% from top-100 AUM funds
9 of 53 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 2.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.