Based on 30 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their RWM positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 43% of 3.0Y high
43% of all-time peak
Only 30 funds hold RWM today versus a peak of 70 funds at 2023 Q1 — just 43% 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.
📉
Outflows — 19% fewer funds vs a year ago
fund count last 6Q
7 fewer hedge funds hold RWM compared to a year ago (-19% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 53% buying
20 buying18 selling
Last quarter: 20 funds bought or added vs 18 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 — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 12 → 12 → 8 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 20% medium
■ 17% new
19 out of 30 hedge funds have held RWM 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.
💰
Price up while funds trimmed (+15% value, -4% shares)
Last quarter: total value of institutional RWM holdings rose +15% even though funds reduced share count by 4%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
📊
Peak discovery — momentum slowing
13 → 12 → 12 → 8 → 7 new funds/Q
New funds entering each quarter: 12 → 12 → 8 → 7. RWM is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Deep conviction — 78% of holders stayed 2+ years
■ 78% veterans
■ 9% 1-2yr
■ 12% new
Of 32 current holders: 25 (78%) 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
6 of 30 holders are among the 100 largest funds by AUM, controlling 41% of total institutional value in RWM. 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 1.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.