Based on 150 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added PID 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.
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At the ownership peak (100% of max)
100% of all-time peak
150 hedge funds hold PID 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.
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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding PID is almost the same as a year ago (+5 funds, +3% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 58% buying
76 buying54 selling
Last quarter: 76 funds bought or added vs 54 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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More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new PID position: 16 → 15 → 12 → 19. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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64% of holders stayed for 2+ years
■ 64% conviction (2yr+)
■ 17% medium
■ 19% new
96 out of 150 hedge funds have held PID 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.
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Steady discovery — ~19 new funds/quarter
21 → 16 → 15 → 12 → 19 new funds/Q
New funds entering each quarter: 16 → 15 → 12 → 19. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 61% of holders stayed 2+ years
■ 61% veterans
■ 13% 1-2yr
■ 26% new
Of 150 current holders: 91 (61%) 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.
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Elite ownership — 60% AUM from top-100 funds
60% from top-100 AUM funds
14 of 150 holders are among the 100 largest funds by AUM, controlling 60% of total institutional value in PID. 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 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.