Based on 344 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added PK 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
344 hedge funds hold PK 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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Steady growth — +5% more funds vs a year ago
fund count last 6Q
+16 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.
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More sellers than buyers — 49% buying
171 buying180 selling
Last quarter: 180 funds reduced or exited vs 171 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.
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Steady new buyers — ~58 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 41 → 63 → 54 → 58. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 17% medium
■ 20% new
218 out of 344 hedge funds have held PK 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 — ~58 new funds/quarter
60 → 41 → 63 → 54 → 58 new funds/Q
New funds entering each quarter: 41 → 63 → 54 → 58. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 68% of holders stayed 2+ years
■ 68% veterans
■ 9% 1-2yr
■ 22% new
Of 350 current holders: 239 (68%) 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 — 51% AUM from top-100 funds
51% from top-100 AUM funds
39 of 344 holders are among the 100 largest funds by AUM, controlling 51% of total institutional value in PK. 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.