Based on 222 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added PDP 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.
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At the ownership peak (100% of max)
100% of all-time peak
222 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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Steady growth — +10% more funds vs a year ago
fund count last 6Q
+20 new funds entered over the past year (+10% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More sellers than buyers — 49% buying
82 buying85 selling
Last quarter: 85 funds reduced or exited vs 82 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 (+11 vs last Q)
new funds entering per quarter
Funds opening a new PDP position: 18 → 27 → 25 → 36. 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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61% of holders stayed for 2+ years
■ 61% conviction (2yr+)
■ 19% medium
■ 19% new
136 out of 222 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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Value +36% but shares only +8% — price-driven
Last quarter: the total dollar value of institutional holdings rose +36%, but actual share count only changed +8%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Growing discovery — still being found
19 → 18 → 27 → 25 → 36 new funds/Q
New funds entering each quarter: 18 → 27 → 25 → 36. 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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Veteran-anchored — 66% veterans vs 21% newcomers
■ 66% veterans
■ 13% 1-2yr
■ 21% new
Entry-cohort mix of 224 holders: 147 (66%) are 2+ year veterans, 29 entered 1–2 years ago, and 48 (21%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 47% AUM from top-100 funds
47% from top-100 AUM funds
27 of 222 holders are among the 100 largest funds by AUM, controlling 47% 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.