Based on 19 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their PBMWW 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 66% of 3.0Y high
66% of all-time peak
Only 19 funds hold PBMWW today versus a peak of 29 funds at 2024 Q1 — just 66% 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.
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Outflows — 17% fewer funds vs a year ago
fund count last 6Q
4 fewer hedge funds hold PBMWW compared to a year ago (-17% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 14% buying
1 buying6 selling
Last quarter: 6 funds sold vs only 1 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 0 → 2 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
68% of holders stayed for 2+ years
■ 68% conviction (2yr+)
■ 32% medium
■ 0% new
13 out of 19 hedge funds have held PBMWW 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 (+28% value, -2% shares)
Last quarter: total value of institutional PBMWW holdings rose +28% even though funds reduced share count by 2%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
➡️
Steady discovery — ~1 new funds/quarter
2 → 3 → 0 → 2 → 1 new funds/Q
New funds entering each quarter: 3 → 0 → 2 → 1. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 63% veterans vs 16% newcomers
■ 63% veterans
■ 21% 1-2yr
■ 16% new
Entry-cohort mix of 19 holders: 12 (63%) are 2+ year veterans, 4 entered 1–2 years ago, and 3 (16%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 8% AUM from top-100
8% from top-100 AUM funds
3 of 18 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.
Exit risk score 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.