Based on 200 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 PAR positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 87% of 3.0Y peak
87% of all-time peak
200 funds currently hold this stock — 87% of the 3.0-year high of 231 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 12% fewer funds vs a year ago
fund count last 6Q
27 fewer hedge funds hold PAR compared to a year ago (-12% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 57% buying
127 buying96 selling
Last quarter: 127 funds bought or added vs 96 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 — ~36 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 40 → 30 → 39 → 36. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
57% of holders stayed for 2+ years
■ 57% conviction (2yr+)
■ 24% medium
■ 18% new
114 out of 200 hedge funds have held PAR 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.
➡️
Steady discovery — ~36 new funds/quarter
51 → 40 → 30 → 39 → 36 new funds/Q
New funds entering each quarter: 40 → 30 → 39 → 36. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 65% of holders stayed 2+ years
■ 65% veterans
■ 13% 1-2yr
■ 23% new
Of 212 current holders: 137 (65%) 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.
✅
Strong quality — 34% AUM from major funds
34% from top-100 AUM funds
32 of 200 holders rank in the top 100 by AUM, accounting for 34% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.