Based on 5 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 PFUT 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 56% of 3.0Y high
56% of all-time peak
Only 5 funds hold PFUT today versus a peak of 9 funds at 2024 Q3 — just 56% 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.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding PFUT is almost the same as a year ago (+0 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
🟢
More buyers than sellers — 60% buying
3 buying2 selling
Last quarter: 3 funds were net buyers (1 opened a brand new position + 2 added to an existing one). Only 2 were sellers (0 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 2 → 2 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 60% entered in last year
■ 20% conviction (2yr+)
■ 20% medium
■ 60% new
Only 1 funds (20%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
📊
Peak discovery — momentum slowing
2 → 2 → 2 → 2 → 1 new funds/Q
New funds entering each quarter: 2 → 2 → 2 → 1. PFUT is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🌱
Early stage — 80% of holders entered in last year
■ 20% veterans
■ 0% 1-2yr
■ 80% new
Of 5 current holders: 4 (80%) entered in the past year, only 1 (20%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
🏆
Elite ownership — 62% AUM from top-100 funds
62% from top-100 AUM funds
3 of 5 holders are among the 100 largest funds by AUM, controlling 62% of total institutional value in PFUT. 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.