Based on 204 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds reduced or closed their PAR 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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High ownership — 85% of 3.0Y peak
85% of all-time peak
204 funds currently hold this stock — 85% of the 3.0-year high of 239 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 15% fewer funds vs a year ago
fund count last 6Q
35 fewer hedge funds hold PAR compared to a year ago (-15% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 54% buying
129 buying112 selling
Last quarter: 129 funds bought or added vs 112 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 (+18 vs last Q)
new funds entering per quarter
Funds opening a new PAR position: 31 → 42 → 37 → 55. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
52% of holders stayed for 2+ years
■ 52% conviction (2yr+)
■ 24% medium
■ 25% new
106 out of 204 hedge funds have held PAR 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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Buying through price weakness — shares +17%, value -59%
Last quarter: funds added +17% more shares while total portfolio value only changed -59%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
42 → 31 → 42 → 37 → 55 new funds/Q
New funds entering each quarter: 31 → 42 → 37 → 55. A growing number of institutions are discovering PAR each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 62% veterans vs 25% newcomers
■ 62% veterans
■ 13% 1-2yr
■ 25% new
Entry-cohort mix of 220 holders: 137 (62%) are 2+ year veterans, 28 entered 1–2 years ago, and 55 (25%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 27% AUM from major funds
27% from top-100 AUM funds
42 of 197 holders rank in the top 100 by AUM, accounting for 27% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.