Based on 60 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their PFLD positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (97% of max)
97% of all-time peak
60 hedge funds hold PFLD 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 — +5% more funds vs a year ago
fund count last 6Q
+3 new funds entered over the past year (+5% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🔴
Heavy selling pressure — only 38% buying
23 buying37 selling
Last quarter: 37 funds sold vs only 23 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-6 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 12 → 9 → 13 → 7. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
42% of holders stayed for 2+ years
■ 42% conviction (2yr+)
■ 32% medium
■ 27% new
25 out of 60 hedge funds have held PFLD 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.
➡️
Steady discovery — ~7 new funds/quarter
16 → 12 → 9 → 13 → 7 new funds/Q
New funds entering each quarter: 12 → 9 → 13 → 7. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 48% of holders stayed 2+ years
■ 48% veterans
■ 7% 1-2yr
■ 45% new
Of 60 current holders: 29 (48%) 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.
🏆
Elite ownership — 62% AUM from top-100 funds
62% from top-100 AUM funds
8 of 60 holders are among the 100 largest funds by AUM, controlling 62% of total institutional value in PFLD. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.2
out of 10
Moderate Exit Risk
Exit risk score 4.2/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.