Based on 32 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their PHUN positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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At the ownership peak (97% of max)
97% of all-time peak
32 hedge funds hold PHUN right now — the highest count in 2.0 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.
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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding PHUN is almost the same as a year ago (-1 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 58% buying
19 buying14 selling
Last quarter: 19 funds bought or added vs 14 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
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Steady new buyers — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 9 → 3 → 12 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 31% entered in last year
■ 6% conviction (2yr+)
■ 62% medium
■ 31% new
Only 2 funds (6%) 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.
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Buying through price weakness — shares +22%, value -18%
Last quarter: funds added +22% more shares while total portfolio value only changed -18%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Steady discovery — ~7 new funds/quarter
16 → 9 → 3 → 12 → 7 new funds/Q
New funds entering each quarter: 9 → 3 → 12 → 7. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 0% veterans, 43% new entrants
■ 0% veterans
■ 57% 1-2yr
■ 43% new
Of 35 current holders: 0 (0%) held 2+ years, 20 held 1–2 years, 15 (43%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 50% AUM from top-100 funds
50% from top-100 AUM funds
8 of 32 holders are among the 100 largest funds by AUM, controlling 50% of total institutional value in PHUN. 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 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.