Based on 57 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their PCG/PRX positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 86% of 3.0Y peak
86% of all-time peak
57 funds currently hold this stock — 86% of the 3.0-year high of 66 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 14% fewer funds vs a year ago
fund count last 6Q
9 fewer hedge funds hold PCG/PRX compared to a year ago (-14% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 47% buying
25 buying28 selling
Last quarter: 28 funds reduced or exited vs 25 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.
➡️
Steady new buyers — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 12 → 11 → 10 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 26% entered in last year
■ 4% conviction (2yr+)
■ 70% medium
■ 26% new
Only 2 funds (4%) 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.
💎
Buying through price weakness — shares -10%, value -96%
Last quarter: funds added -10% more shares while total portfolio value only changed -96%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊
Peak discovery — momentum slowing
65 → 12 → 11 → 10 → 7 new funds/Q
New funds entering each quarter: 12 → 11 → 10 → 7. PCG/PRX is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🌱
Early stage — 95% of holders entered in last year
■ 5% veterans
■ 0% 1-2yr
■ 95% new
Of 57 current holders: 54 (95%) entered in the past year, only 3 (5%) 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.
🏆
Elite ownership — 84% AUM from top-100 funds
84% from top-100 AUM funds
19 of 57 holders are among the 100 largest funds by AUM, controlling 84% of total institutional value in PCG/PRX. 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 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.