Based on 52 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 PBP 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 — 90% of 3.0Y peak
90% of all-time peak
52 funds currently hold this stock — 90% of the 3.0-year high of 58 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 10% fewer funds vs a year ago
fund count last 6Q
6 fewer hedge funds hold PBP compared to a year ago (-10% 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 — 61% buying
31 buying20 selling
Last quarter: 31 funds were net buyers (13 opened a brand new position + 18 added to an existing one). Only 20 were sellers (10 trimmed + 10 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new PBP position: 7 → 8 → 6 → 13. 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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62% of holders stayed for 2+ years
■ 62% conviction (2yr+)
■ 21% medium
■ 17% new
32 out of 52 hedge funds have held PBP 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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Growing discovery — still being found
17 → 7 → 8 → 6 → 13 new funds/Q
New funds entering each quarter: 7 → 8 → 6 → 13. A growing number of institutions are discovering PBP each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 69% of holders stayed 2+ years
■ 69% veterans
■ 4% 1-2yr
■ 27% new
Of 52 current holders: 36 (69%) 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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Smaller funds dominant — 18% AUM from top-100
18% from top-100 AUM funds
11 of 52 holders rank in the top 100 by AUM, but together hold only 18% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.