Based on 31 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added PASG 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.
🔻
Below peak — only 65% of 3.0Y high
65% of all-time peak
Only 31 funds hold PASG today versus a peak of 48 funds at 2023 Q2 — just 65% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
📉
Outflows — 26% fewer funds vs a year ago
fund count last 6Q
11 fewer hedge funds hold PASG compared to a year ago (-26% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 57% buying
17 buying13 selling
Last quarter: 17 funds bought or added vs 13 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.
➡️
Steady new buyers — ~11 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 6 → 6 → 11. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
45% of holders stayed for 2+ years
■ 45% conviction (2yr+)
■ 29% medium
■ 26% new
14 out of 31 hedge funds have held PASG 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.
💎
Buying through price weakness — shares +13%, value -27%
Last quarter: funds added +13% more shares while total portfolio value only changed -27%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
4 → 5 → 6 → 6 → 11 new funds/Q
New funds entering each quarter: 5 → 6 → 6 → 11. A growing number of institutions are discovering PASG each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 52% veterans vs 26% newcomers
■ 52% veterans
■ 23% 1-2yr
■ 26% new
Entry-cohort mix of 31 holders: 16 (52%) are 2+ year veterans, 7 entered 1–2 years ago, and 8 (26%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 6% AUM from top-100
6% from top-100 AUM funds
7 of 31 holders rank in the top 100 by AUM, but together hold only 6% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 1.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.