Based on 35 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their PFIX positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 71% of 3.0Y peak
71% of all-time peak
35 funds currently hold this stock — 71% of the 3.0-year high of 49 funds (reached 2023 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 20% fewer funds vs a year ago
fund count last 6Q
9 fewer hedge funds hold PFIX compared to a year ago (-20% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 44% buying
20 buying25 selling
Last quarter: 25 funds reduced or exited vs 20 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.
➡️
Steady new buyers — ~8 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 7 → 15 → 10 → 8. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
51% of holders stayed for 2+ years
■ 51% conviction (2yr+)
■ 23% medium
■ 26% new
18 out of 35 hedge funds have held PFIX 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
18 → 7 → 15 → 10 → 8 new funds/Q
New funds entering each quarter: 7 → 15 → 10 → 8. PFIX 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 — 66% of holders stayed 2+ years
■ 66% veterans
■ 6% 1-2yr
■ 29% new
Of 35 current holders: 23 (66%) 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.
📋
Smaller funds dominant — 8% AUM from top-100
8% from top-100 AUM funds
7 of 35 holders rank in the top 100 by AUM, but together hold only 8% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.