Based on 29 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds added PCM 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
29 hedge funds hold PCM 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 — +45% more funds vs a year ago
fund count last 6Q
+9 new funds entered over the past year (+45% 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 — 65% buying
17 buying9 selling
Last quarter: 17 funds were net buyers (8 opened a brand new position + 9 added to an existing one). Only 9 were sellers (5 trimmed + 4 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~8 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 4 → 7 → 8. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
45% of holders stayed for 2+ years
■ 45% conviction (2yr+)
■ 17% medium
■ 38% new
13 out of 29 hedge funds have held PCM 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.
➡️
Steady discovery — ~8 new funds/quarter
3 → 3 → 4 → 7 → 8 new funds/Q
New funds entering each quarter: 3 → 4 → 7 → 8. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 59% of holders stayed 2+ years
■ 59% veterans
■ 7% 1-2yr
■ 34% new
Of 29 current holders: 17 (59%) 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.
✅
Strong quality — 22% AUM from major funds
22% from top-100 AUM funds
4 of 29 holders rank in the top 100 by AUM, accounting for 22% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.5
out of 10
Moderate Exit Risk
Exit risk score 4.5/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.