Based on 105 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 RWX 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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High ownership — 78% of 3.0Y peak
78% of all-time peak
105 funds currently hold this stock — 78% of the 3.0-year high of 134 funds (reached 2023 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 6% fewer funds vs a year ago
fund count last 6Q
7 fewer hedge funds hold RWX compared to a year ago (-6% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More sellers than buyers — 45% buying
39 buying48 selling
Last quarter: 48 funds reduced or exited vs 39 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.
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Steady new buyers — ~14 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 13 → 33 → 14 → 14. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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79% of holders stayed for 2+ years
■ 79% conviction (2yr+)
■ 13% medium
■ 8% new
83 out of 105 hedge funds have held RWX 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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Peak discovery — momentum slowing
13 → 13 → 33 → 14 → 14 new funds/Q
New funds entering each quarter: 13 → 33 → 14 → 14. RWX is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Deep conviction — 80% of holders stayed 2+ years
■ 80% veterans
■ 9% 1-2yr
■ 11% new
Of 105 current holders: 84 (80%) 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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Elite ownership — 49% AUM from top-100 funds
49% from top-100 AUM funds
17 of 105 holders are among the 100 largest funds by AUM, controlling 49% of total institutional value in RWX. 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 2.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.