Based on 225 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their PDM positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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High ownership — 94% of 3.0Y peak
94% of all-time peak
225 funds currently hold this stock — 94% of the 3.0-year high of 240 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 4% fewer funds vs a year ago
fund count last 6Q
9 fewer hedge funds hold PDM compared to a year ago (-4% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 51% buying
107 buying103 selling
Last quarter: 107 funds bought or added vs 103 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️
Steady new buyers — ~26 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 28 → 34 → 24 → 26. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
70% of holders stayed for 2+ years
■ 70% conviction (2yr+)
■ 20% medium
■ 10% new
158 out of 225 hedge funds have held PDM 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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Peak discovery — momentum slowing
37 → 28 → 34 → 24 → 26 new funds/Q
New funds entering each quarter: 28 → 34 → 24 → 26. PDM is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Deep conviction — 74% of holders stayed 2+ years
■ 74% veterans
■ 11% 1-2yr
■ 16% new
Of 225 current holders: 166 (74%) 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 225 holders are among the 100 largest funds by AUM, controlling 45% of total institutional value in PDM. 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 3.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.