Based on 179 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 PRAA 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 (95% of max)
95% of all-time peak
179 hedge funds hold PRAA 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 PRAA is almost the same as a year ago (-3 funds, -2% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 52% buying
93 buying85 selling
Last quarter: 93 funds bought or added vs 85 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.
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Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 32 → 24 → 31 → 24. 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.
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68% of holders stayed for 2+ years
■ 68% conviction (2yr+)
■ 19% medium
■ 13% new
122 out of 179 hedge funds have held PRAA 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 — ~24 new funds/quarter
34 → 32 → 24 → 31 → 24 new funds/Q
New funds entering each quarter: 32 → 24 → 31 → 24. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 77% of holders stayed 2+ years
■ 77% veterans
■ 9% 1-2yr
■ 14% new
Of 180 current holders: 138 (77%) 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 — 44% AUM from top-100 funds
44% from top-100 AUM funds
34 of 179 holders are among the 100 largest funds by AUM, controlling 44% of total institutional value in PRAA. 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 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.