Based on 136 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added PDO 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
136 hedge funds hold PDO 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.
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Steady growth — +18% more funds vs a year ago
fund count last 6Q
+21 new funds entered over the past year (+18% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 57% buying
73 buying54 selling
Last quarter: 73 funds bought or added vs 54 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.
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More new buyers each quarter (+12 vs last Q)
new funds entering per quarter
Funds opening a new PDO position: 18 → 27 → 15 → 27. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
46% of holders stayed for 2+ years
■ 46% conviction (2yr+)
■ 21% medium
■ 32% new
63 out of 136 hedge funds have held PDO 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 — ~27 new funds/quarter
23 → 18 → 27 → 15 → 27 new funds/Q
New funds entering each quarter: 18 → 27 → 15 → 27. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 52% veterans vs 34% newcomers
■ 52% veterans
■ 14% 1-2yr
■ 34% new
Entry-cohort mix of 136 holders: 71 (52%) are 2+ year veterans, 19 entered 1–2 years ago, and 46 (34%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 61% AUM from top-100 funds
61% from top-100 AUM funds
13 of 136 holders are among the 100 largest funds by AUM, controlling 61% of total institutional value in PDO. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.