Based on 56 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 PTA 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
56 hedge funds hold PTA 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 — +10% more funds vs a year ago
fund count last 6Q
+5 new funds entered over the past year (+10% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 54% buying
34 buying29 selling
Last quarter: 34 funds bought or added vs 29 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 PTA position: 10 → 10 → 7 → 19. 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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Mixed — 39% long-term, 39% new
■ 39% conviction (2yr+)
■ 21% medium
■ 39% new
Of the 56 current holders: 22 (39%) held >2 years, 12 held 1–2 years, and 22 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
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Growing discovery — still being found
18 → 10 → 10 → 7 → 19 new funds/Q
New funds entering each quarter: 10 → 10 → 7 → 19. A growing number of institutions are discovering PTA each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 45% of holders stayed 2+ years
■ 45% veterans
■ 11% 1-2yr
■ 45% new
Of 56 current holders: 25 (45%) 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 — 81% AUM from top-100 funds
81% from top-100 AUM funds
9 of 56 holders are among the 100 largest funds by AUM, controlling 81% of total institutional value in PTA. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.1
out of 10
Moderate Exit Risk
Exit risk score 4.1/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.