Based on 54 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 6 quarters in a row
For 6 consecutive quarters, more hedge funds added PBDC 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
54 hedge funds hold PBDC 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 — +59% more funds vs a year ago
fund count last 6Q
+20 new funds entered over the past year (+59% 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 — 62% buying
39 buying24 selling
Last quarter: 39 funds were net buyers (21 opened a brand new position + 18 added to an existing one). Only 24 were sellers (14 trimmed + 10 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+12 vs last Q)
new funds entering per quarter
Funds opening a new PBDC position: 6 → 5 → 9 → 21. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔄
Mostly new holders — 54% entered in last year
■ 13% conviction (2yr+)
■ 33% medium
■ 54% new
Only 7 funds (13%) 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.
🚀
Acceleration phase — new buyers rushing in
8 → 6 → 5 → 9 → 21 new funds/Q
New funds entering each quarter: 6 → 5 → 9 → 21. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🌱
Early stage — 61% of holders entered in last year
■ 11% veterans
■ 28% 1-2yr
■ 61% new
Of 54 current holders: 33 (61%) entered in the past year, only 6 (11%) 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.
📋
Smaller funds dominant — 8% AUM from top-100
8% from top-100 AUM funds
4 of 54 holders rank in the top 100 by AUM, but together hold only 8% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
5.0
out of 10
Moderate Exit Risk
Exit risk score 5.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.