Based on 26 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds reduced or closed this position than added to it. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams deciding to exit.
🔻
Below peak — only 58% of 3.0Y high
58% of all-time peak
Only 26 funds hold this stock today versus a peak of 45 funds at 2023 Q1 — just 58% 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 — 35% fewer funds vs a year ago
fund count last 6Q
14 fewer hedge funds hold this stock compared to a year ago (-35% decline). When institutions consistently reduce exposure, it's worth asking what they know that retail investors don't.
🟠
More sellers than buyers — 45% buying
10 buying12 selling
Last quarter: 12 funds reduced or exited vs 10 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.
➡️
Steady new buyers — ~5 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 4 → 6 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
50% of holders stayed for 2+ years
■ 50% conviction (2yr+)
■ 31% medium
■ 19% new
13 out of 26 hedge funds have held this stock for over 2 years without selling. Long-term holders are harder to shake out during market dips — they represent a stable ownership base that reduces the risk of sudden mass selling.
💰
Price up while funds trimmed (+39% value, -5% shares)
Last quarter: total value of institutional PASG holdings rose +39% even though funds reduced share count by 5%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
➡️
Steady discovery — ~5 new funds/quarter
9 → 3 → 4 → 6 → 5 new funds/Q
New funds entering each quarter: 3 → 4 → 6 → 5. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 62% of holders stayed 2+ years
■ 62% veterans
■ 19% 1-2yr
■ 19% new
Of 26 current holders: 16 (62%) 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.
📋
Smaller funds dominant — 11% AUM from top-100
11% from top-100 AUM funds
8 of 26 holders rank in the top 100 by AUM, but together hold only 11% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 1.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.