Based on 62 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added PBD 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.
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High ownership — 89% of 3.0Y peak
89% of all-time peak
62 funds currently hold this stock — 89% of the 3.0-year high of 70 funds (reached 2023 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 7% fewer funds vs a year ago
fund count last 6Q
5 fewer hedge funds hold PBD compared to a year ago (-7% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More buyers than sellers — 67% buying
32 buying16 selling
Last quarter: 32 funds were net buyers (14 opened a brand new position + 18 added to an existing one). Only 16 were sellers (9 trimmed + 7 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+10 vs last Q)
new funds entering per quarter
Funds opening a new PBD position: 3 → 4 → 4 → 14. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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66% of holders stayed for 2+ years
■ 66% conviction (2yr+)
■ 18% medium
■ 16% new
41 out of 62 hedge funds have held PBD 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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Value +468% but shares only +430% — price-driven
Last quarter: the total dollar value of institutional holdings rose +468%, but actual share count only changed +430%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Growing discovery — still being found
8 → 3 → 4 → 4 → 14 new funds/Q
New funds entering each quarter: 3 → 4 → 4 → 14. A growing number of institutions are discovering PBD each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 71% of holders stayed 2+ years
■ 71% veterans
■ 6% 1-2yr
■ 23% new
Of 62 current holders: 44 (71%) 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.
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Elite ownership — 40% AUM from top-100 funds
40% from top-100 AUM funds
11 of 62 holders are among the 100 largest funds by AUM, controlling 40% of total institutional value in PBD. 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 2.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.