Based on 307 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 9 quarters in a row
For 9 consecutive quarters, more hedge funds added PBI 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
307 hedge funds hold PBI 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.
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Steady growth — +16% more funds vs a year ago
fund count last 6Q
+43 new funds entered over the past year (+16% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠
More sellers than buyers — 41% buying
130 buying186 selling
Last quarter: 186 funds reduced or exited vs 130 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.
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More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new PBI position: 69 → 49 → 45 → 52. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
64% of holders stayed for 2+ years
■ 64% conviction (2yr+)
■ 20% medium
■ 16% new
197 out of 307 hedge funds have held PBI 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.
📊
Peak discovery — momentum slowing
33 → 69 → 49 → 45 → 52 new funds/Q
New funds entering each quarter: 69 → 49 → 45 → 52. PBI is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Deep conviction — 71% of holders stayed 2+ years
■ 71% veterans
■ 9% 1-2yr
■ 20% new
Of 324 current holders: 231 (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.
🏆
Elite ownership — 45% AUM from top-100 funds
45% from top-100 AUM funds
39 of 307 holders are among the 100 largest funds by AUM, controlling 45% of total institutional value in PBI. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.