Based on 199 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added PFEB 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
199 hedge funds hold PFEB 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.
📶
Steady growth — +17% more funds vs a year ago
fund count last 6Q
+29 new funds entered over the past year (+17% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🔴
Heavy selling pressure — only 31% buying
45 buying101 selling
Last quarter: 101 funds sold vs only 45 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
📈
More new buyers each quarter (+15 vs last Q)
new funds entering per quarter
Funds opening a new PFEB position: 37 → 23 → 12 → 27. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
52% of holders stayed for 2+ years
■ 52% conviction (2yr+)
■ 31% medium
■ 17% new
104 out of 199 hedge funds have held PFEB 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
21 → 37 → 23 → 12 → 27 new funds/Q
New funds entering each quarter: 37 → 23 → 12 → 27. PFEB 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 — 52% of holders stayed 2+ years
■ 52% veterans
■ 20% 1-2yr
■ 28% new
Of 199 current holders: 104 (52%) 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.
✅
Strong quality — 28% AUM from major funds
28% from top-100 AUM funds
9 of 199 holders rank in the top 100 by AUM, accounting for 28% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.4
out of 10
Moderate Exit Risk
Exit risk score 4.4/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.