Based on 524 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added PRI 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
524 hedge funds hold PRI 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 PRI is almost the same as a year ago (+13 funds, +3% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 53% buying
259 buying232 selling
Last quarter: 259 funds bought or added vs 232 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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More new buyers each quarter (+12 vs last Q)
new funds entering per quarter
Funds opening a new PRI position: 58 → 75 → 59 → 71. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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64% of holders stayed for 2+ years
■ 64% conviction (2yr+)
■ 20% medium
■ 15% new
336 out of 524 hedge funds have held PRI 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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Buying through price weakness — shares +33%, value +12%
Last quarter: funds added +33% more shares while total portfolio value only changed +12%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Steady discovery — ~71 new funds/quarter
62 → 58 → 75 → 59 → 71 new funds/Q
New funds entering each quarter: 58 → 75 → 59 → 71. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 67% veterans vs 18% newcomers
■ 67% veterans
■ 15% 1-2yr
■ 18% new
Entry-cohort mix of 528 holders: 354 (67%) are 2+ year veterans, 78 entered 1–2 years ago, and 96 (18%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 50% AUM from top-100 funds
50% from top-100 AUM funds
57 of 521 holders are among the 100 largest funds by AUM, controlling 50% of total institutional value in PRI. 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 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.