Based on 23 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their PEZ positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 64% of 3.0Y high
64% of all-time peak
Only 23 funds hold PEZ today versus a peak of 36 funds at 2024 Q4 — just 64% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 30% fewer funds vs a year ago
fund count last 6Q
10 fewer hedge funds hold PEZ compared to a year ago (-30% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 33% buying
6 buying12 selling
Last quarter: 12 funds sold vs only 6 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 6 → 5 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
65% of holders stayed for 2+ years
■ 65% conviction (2yr+)
■ 26% medium
■ 9% new
15 out of 23 hedge funds have held PEZ 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.
📊
Peak discovery — momentum slowing
5 → 3 → 6 → 5 → 1 new funds/Q
New funds entering each quarter: 3 → 6 → 5 → 1. PEZ is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 74% veterans vs 17% newcomers
■ 74% veterans
■ 9% 1-2yr
■ 17% new
Entry-cohort mix of 23 holders: 17 (74%) are 2+ year veterans, 2 entered 1–2 years ago, and 4 (17%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 59% AUM from top-100 funds
59% from top-100 AUM funds
8 of 23 holders are among the 100 largest funds by AUM, controlling 59% of total institutional value in PEZ. 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 2.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.