Based on 39 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added PPI 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
39 hedge funds hold PPI 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 PPI is almost the same as a year ago (+0 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
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More buyers than sellers — 62% buying
23 buying14 selling
Last quarter: 23 funds were net buyers (8 opened a brand new position + 15 added to an existing one). Only 14 were sellers (9 trimmed + 5 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~8 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 5 → 8 → 8. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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41% of holders stayed for 2+ years
■ 41% conviction (2yr+)
■ 28% medium
■ 31% new
16 out of 39 hedge funds have held PPI 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 — ~8 new funds/quarter
9 → 2 → 5 → 8 → 8 new funds/Q
New funds entering each quarter: 2 → 5 → 8 → 8. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 41% of holders stayed 2+ years
■ 41% veterans
■ 21% 1-2yr
■ 38% new
Of 39 current holders: 16 (41%) 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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Smaller funds dominant — 3% AUM from top-100
3% from top-100 AUM funds
4 of 39 holders rank in the top 100 by AUM, but together hold only 3% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.