Based on 82 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their RWAY positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (98% of max)
98% of all-time peak
82 hedge funds hold RWAY 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.
📶
Steady growth — +4% more funds vs a year ago
fund count last 6Q
+3 new funds entered over the past year (+4% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 52% buying
46 buying42 selling
Last quarter: 46 funds bought or added vs 42 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.
➡️
Steady new buyers — ~13 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 16 → 11 → 18 → 13. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 38% long-term, 24% new
■ 38% conviction (2yr+)
■ 38% medium
■ 24% new
Of the 82 current holders: 31 (38%) held >2 years, 31 held 1–2 years, and 20 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💎
Buying through price weakness — shares +2%, value -100%
Last quarter: funds added +2% more shares while total portfolio value only changed -100%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
27 → 16 → 11 → 18 → 13 new funds/Q
New funds entering each quarter: 16 → 11 → 18 → 13. A growing number of institutions are discovering RWAY each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 44% of holders stayed 2+ years
■ 44% veterans
■ 19% 1-2yr
■ 37% new
Of 84 current holders: 37 (44%) 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.
🏆
Elite ownership — 41% AUM from top-100 funds
41% from top-100 AUM funds
14 of 82 holders are among the 100 largest funds by AUM, controlling 41% of total institutional value in RWAY. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.