Based on 33 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds added PFFR 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
33 hedge funds hold PFFR 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.
🚀
Fast accumulation — +74% more funds vs a year ago
fund count last 6Q
+14 new funds entered over the past year (+74% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 63% buying
22 buying13 selling
Last quarter: 22 funds were net buyers (7 opened a brand new position + 15 added to an existing one). Only 13 were sellers (7 trimmed + 6 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 7 → 7 → 9 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 39% long-term, 30% new
■ 39% conviction (2yr+)
■ 30% medium
■ 30% new
Of the 33 current holders: 13 (39%) held >2 years, 10 held 1–2 years, and 10 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
➡️
Steady discovery — ~7 new funds/quarter
2 → 7 → 7 → 9 → 7 new funds/Q
New funds entering each quarter: 7 → 7 → 9 → 7. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 48% veterans vs 33% newcomers
■ 48% veterans
■ 18% 1-2yr
■ 33% new
Entry-cohort mix of 33 holders: 16 (48%) are 2+ year veterans, 6 entered 1–2 years ago, and 11 (33%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 39% AUM from major funds
39% from top-100 AUM funds
8 of 32 holders rank in the top 100 by AUM, accounting for 39% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.5
out of 10
Moderate Exit Risk
Exit risk score 4.5/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.