Based on 189 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their PDP 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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At the ownership peak (96% of max)
96% of all-time peak
189 hedge funds hold PDP 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding PDP is almost the same as a year ago (-5 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
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More sellers than buyers — 40% buying
62 buying94 selling
Last quarter: 94 funds reduced or exited vs 62 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.
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More new buyers each quarter (+10 vs last Q)
new funds entering per quarter
Funds opening a new PDP position: 20 → 18 → 16 → 26. 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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63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 23% medium
■ 14% new
120 out of 189 hedge funds have held PDP 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
28 → 20 → 18 → 16 → 26 new funds/Q
New funds entering each quarter: 20 → 18 → 16 → 26. A growing number of institutions are discovering PDP each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 63% of holders stayed 2+ years
■ 63% veterans
■ 16% 1-2yr
■ 20% new
Of 189 current holders: 120 (63%) 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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Elite ownership — 42% AUM from top-100 funds
42% from top-100 AUM funds
16 of 189 holders are among the 100 largest funds by AUM, controlling 42% of total institutional value in PDP. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.