Based on 89 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added PMO 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.
📊
High ownership — 92% of 3.0Y peak
92% of all-time peak
89 funds currently hold this stock — 92% of the 3.0-year high of 97 funds (reached 2024 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +7% more funds vs a year ago
fund count last 6Q
+6 new funds entered over the past year (+7% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 61% buying
41 buying26 selling
Last quarter: 41 funds were net buyers (11 opened a brand new position + 30 added to an existing one). Only 26 were sellers (20 trimmed + 6 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~11 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 16 → 5 → 11 → 11. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
58% of holders stayed for 2+ years
■ 58% conviction (2yr+)
■ 29% medium
■ 12% new
52 out of 89 hedge funds have held PMO 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.
➡️
Steady discovery — ~11 new funds/quarter
6 → 16 → 5 → 11 → 11 new funds/Q
New funds entering each quarter: 16 → 5 → 11 → 11. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 61% veterans vs 18% newcomers
■ 61% veterans
■ 21% 1-2yr
■ 18% new
Entry-cohort mix of 89 holders: 54 (61%) are 2+ year veterans, 19 entered 1–2 years ago, and 16 (18%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 23% AUM from major funds
23% from top-100 AUM funds
13 of 89 holders rank in the top 100 by AUM, accounting for 23% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.