Based on 187 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 10 quarters in a row
For 10 consecutive quarters, more hedge funds added PAAA 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
187 hedge funds hold PAAA 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.
🚀
Fast accumulation — +137% more funds vs a year ago
fund count last 6Q
+108 new funds entered over the past year (+137% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 67% buying
127 buying63 selling
Last quarter: 127 funds were net buyers (39 opened a brand new position + 88 added to an existing one). Only 63 were sellers (46 trimmed + 17 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~39 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 46 → 40 → 38 → 39. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 45% entered in last year
■ 3% conviction (2yr+)
■ 51% medium
■ 45% new
Only 6 funds (3%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
➡️
Steady discovery — ~39 new funds/quarter
33 → 46 → 40 → 38 → 39 new funds/Q
New funds entering each quarter: 46 → 40 → 38 → 39. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 75% of holders entered in last year
■ 6% veterans
■ 19% 1-2yr
■ 75% new
Of 187 current holders: 140 (75%) entered in the past year, only 12 (6%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
✅
Strong quality — 29% AUM from major funds
29% from top-100 AUM funds
17 of 187 holders rank in the top 100 by AUM, accounting for 29% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
5.3
out of 10
Moderate Exit Risk
Exit risk score 5.3/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.