Based on 28 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 their PASG positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 56% of 3.0Y high
56% of all-time peak
Only 28 funds hold PASG today versus a peak of 50 funds at 2023 Q1 — just 56% 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
15 fewer hedge funds hold PASG compared to a year ago (-35% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 48% buying
11 buying12 selling
Last quarter: 12 funds reduced or exited vs 11 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 — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 5 → 6 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
54% of holders stayed for 2+ years
■ 54% conviction (2yr+)
■ 29% medium
■ 18% new
15 out of 28 hedge funds have held PASG 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.
💰
Price up while funds trimmed (+40% value, -4% shares)
Last quarter: total value of institutional PASG holdings rose +40% even though funds reduced share count by 4%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
➡️
Steady discovery — ~6 new funds/quarter
9 → 4 → 5 → 6 → 6 new funds/Q
New funds entering each quarter: 4 → 5 → 6 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 64% of holders stayed 2+ years
■ 64% veterans
■ 18% 1-2yr
■ 18% new
Of 28 current holders: 18 (64%) 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
9 of 28 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 1.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.