Based on 259 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added PRVA 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 (98% of max)
98% of all-time peak
259 hedge funds hold PRVA 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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Steady growth — +19% more funds vs a year ago
fund count last 6Q
+41 new funds entered over the past year (+19% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 60% buying
151 buying102 selling
Last quarter: 151 funds were net buyers (49 opened a brand new position + 102 added to an existing one). Only 102 were sellers (73 trimmed + 29 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+20 vs last Q)
new funds entering per quarter
Funds opening a new PRVA position: 35 → 50 → 29 → 49. 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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58% of holders stayed for 2+ years
■ 58% conviction (2yr+)
■ 21% medium
■ 21% new
150 out of 259 hedge funds have held PRVA 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 — ~49 new funds/quarter
25 → 35 → 50 → 29 → 49 new funds/Q
New funds entering each quarter: 35 → 50 → 29 → 49. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 62% of holders stayed 2+ years
■ 62% veterans
■ 13% 1-2yr
■ 26% new
Of 260 current holders: 160 (62%) 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
38 of 259 holders are among the 100 largest funds by AUM, controlling 44% of total institutional value in PRVA. 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 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.