Based on 157 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 PRSU 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 (97% of max)
97% of all-time peak
157 hedge funds hold PRSU 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 PRSU is almost the same as a year ago (-2 funds, -1% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 52% buying
80 buying74 selling
Last quarter: 80 funds bought or added vs 74 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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Steady new buyers — ~24 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 30 → 16 → 29 → 24. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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65% of holders stayed for 2+ years
■ 65% conviction (2yr+)
■ 15% medium
■ 20% new
102 out of 157 hedge funds have held PRSU 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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Growing discovery — still being found
26 → 30 → 16 → 29 → 24 new funds/Q
New funds entering each quarter: 30 → 16 → 29 → 24. A growing number of institutions are discovering PRSU each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 68% of holders stayed 2+ years
■ 68% veterans
■ 9% 1-2yr
■ 23% new
Of 157 current holders: 107 (68%) 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.
✅
Strong quality — 29% AUM from major funds
29% from top-100 AUM funds
34 of 157 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 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.