Based on 260 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds added PAGS 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 (100% of max)
100% of all-time peak
260 hedge funds hold PAGS 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 — +16% more funds vs a year ago
fund count last 6Q
+35 new funds entered over the past year (+16% 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 — 51% buying
140 buying135 selling
Last quarter: 140 funds bought or added vs 135 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 — ~51 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 41 → 38 → 49 → 51. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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59% of holders stayed for 2+ years
■ 59% conviction (2yr+)
■ 23% medium
■ 18% new
153 out of 260 hedge funds have held PAGS 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
38 → 41 → 38 → 49 → 51 new funds/Q
New funds entering each quarter: 41 → 38 → 49 → 51. A growing number of institutions are discovering PAGS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 67% veterans vs 19% newcomers
■ 67% veterans
■ 14% 1-2yr
■ 19% new
Entry-cohort mix of 267 holders: 179 (67%) are 2+ year veterans, 38 entered 1–2 years ago, and 50 (19%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 30% AUM from major funds
30% from top-100 AUM funds
46 of 258 holders rank in the top 100 by AUM, accounting for 30% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.