Based on 94 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 PPT 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 — 91% of 3.0Y peak
91% of all-time peak
94 funds currently hold this stock — 91% of the 3.0-year high of 103 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +8% more funds vs a year ago
fund count last 6Q
+7 new funds entered over the past year (+8% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 55% buying
46 buying38 selling
Last quarter: 46 funds bought or added vs 38 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 (-11 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 12 → 14 → 22 → 11. 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.
🔒
67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 18% medium
■ 15% new
63 out of 94 hedge funds have held PPT 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.
💎
Buying through price weakness — shares -2%, value -74%
Last quarter: funds added -2% more shares while total portfolio value only changed -74%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
9 → 12 → 14 → 22 → 11 new funds/Q
New funds entering each quarter: 12 → 14 → 22 → 11. A growing number of institutions are discovering PPT each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 70% veterans vs 20% newcomers
■ 70% veterans
■ 10% 1-2yr
■ 20% new
Entry-cohort mix of 94 holders: 66 (70%) are 2+ year veterans, 9 entered 1–2 years ago, and 19 (20%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 29% AUM from major funds
29% from top-100 AUM funds
13 of 93 holders rank in the top 100 by AUM, accounting for 29% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.