Based on 1094 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their PSA positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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At the ownership peak (97% of max)
97% of all-time peak
1,094 hedge funds hold PSA 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 PSA is almost the same as a year ago (-26 funds, -2% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 52% buying
542 buying507 selling
Last quarter: 542 funds bought or added vs 507 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 (-26 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 120 → 110 → 143 → 117. 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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70% of holders stayed for 2+ years
■ 70% conviction (2yr+)
■ 16% medium
■ 14% new
763 out of 1,094 hedge funds have held PSA 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
122 → 120 → 110 → 143 → 117 new funds/Q
New funds entering each quarter: 120 → 110 → 143 → 117. A growing number of institutions are discovering PSA each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 72% veterans vs 17% newcomers
■ 72% veterans
■ 11% 1-2yr
■ 17% new
Entry-cohort mix of 1,114 holders: 800 (72%) are 2+ year veterans, 128 entered 1–2 years ago, and 186 (17%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 47% AUM from top-100 funds
47% from top-100 AUM funds
64 of 1087 holders are among the 100 largest funds by AUM, controlling 47% of total institutional value in PSA. 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 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.