Based on 168 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their RYLD positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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At the ownership peak (98% of max)
98% of all-time peak
168 hedge funds hold RYLD 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 — +8% more funds vs a year ago
fund count last 6Q
+13 new funds entered over the past year (+8% 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 — 57% buying
95 buying73 selling
Last quarter: 95 funds bought or added vs 73 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.
⚠️
Fewer new buyers each quarter (-6 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 22 → 16 → 26 → 20. 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.
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51% of holders stayed for 2+ years
■ 51% conviction (2yr+)
■ 30% medium
■ 18% new
86 out of 168 hedge funds have held RYLD 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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Growing discovery — still being found
22 → 22 → 16 → 26 → 20 new funds/Q
New funds entering each quarter: 22 → 16 → 26 → 20. A growing number of institutions are discovering RYLD each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 54% veterans vs 26% newcomers
■ 54% veterans
■ 20% 1-2yr
■ 26% new
Entry-cohort mix of 171 holders: 92 (54%) are 2+ year veterans, 34 entered 1–2 years ago, and 45 (26%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 52% AUM from top-100 funds
52% from top-100 AUM funds
17 of 165 holders are among the 100 largest funds by AUM, controlling 52% of total institutional value in RYLD. 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 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.