Based on 85 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds reduced or closed their PRN 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 — 86% of 3.0Y peak
86% of all-time peak
85 funds currently hold this stock — 86% of the 3.0-year high of 99 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 14% fewer funds vs a year ago
fund count last 6Q
14 fewer hedge funds hold PRN compared to a year ago (-14% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 42% buying
34 buying47 selling
Last quarter: 47 funds reduced or exited vs 34 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~12 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 11 → 11 → 8 → 12. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
56% of holders stayed for 2+ years
■ 56% conviction (2yr+)
■ 28% medium
■ 15% new
48 out of 85 hedge funds have held PRN 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 — ~12 new funds/quarter
23 → 11 → 11 → 8 → 12 new funds/Q
New funds entering each quarter: 11 → 11 → 8 → 12. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 59% of holders stayed 2+ years
■ 59% veterans
■ 14% 1-2yr
■ 28% new
Of 87 current holders: 51 (59%) 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.
🏆
Elite ownership — 48% AUM from top-100 funds
48% from top-100 AUM funds
14 of 85 holders are among the 100 largest funds by AUM, controlling 48% of total institutional value in PRN. 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.