Based on 154 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their PML positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 93% of 3.0Y peak
93% of all-time peak
154 funds currently hold this stock — 93% of the 3.0-year high of 166 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
🚀
Fast accumulation — +62% more funds vs a year ago
fund count last 6Q
+59 new funds entered over the past year (+62% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟡
Slight buying edge — 52% buying
79 buying73 selling
Last quarter: 79 funds bought or added vs 73 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.
⚠️
Fewer new buyers each quarter (-10 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 19 → 61 → 33 → 23. 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.
🔒
50% of holders stayed for 2+ years
■ 50% conviction (2yr+)
■ 20% medium
■ 30% new
77 out of 154 hedge funds have held PML 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.
📊
Peak discovery — momentum slowing
14 → 19 → 61 → 33 → 23 new funds/Q
New funds entering each quarter: 19 → 61 → 33 → 23. PML is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 54% veterans vs 35% newcomers
■ 54% veterans
■ 11% 1-2yr
■ 35% new
Entry-cohort mix of 154 holders: 83 (54%) are 2+ year veterans, 17 entered 1–2 years ago, and 54 (35%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 17% AUM from top-100
17% from top-100 AUM funds
15 of 154 holders rank in the top 100 by AUM, but together hold only 17% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
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.