Based on 11 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their PCIG positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 69% of 3.0Y high
69% of all-time peak
Only 11 funds hold PCIG today versus a peak of 16 funds at 2024 Q4 — just 69% 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.
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Outflows — 27% fewer funds vs a year ago
fund count last 6Q
4 fewer hedge funds hold PCIG compared to a year ago (-27% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 50% buying
7 buying7 selling
Last quarter: 7 funds bought or added vs 7 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 — ~0 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 1 → 4 → 0. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mixed — 36% long-term, 27% new
■ 36% conviction (2yr+)
■ 36% medium
■ 27% new
Of the 11 current holders: 4 (36%) held >2 years, 4 held 1–2 years, and 3 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.
➡️
Steady discovery — ~0 new funds/quarter
4 → 2 → 1 → 4 → 0 new funds/Q
New funds entering each quarter: 2 → 1 → 4 → 0. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 36% veterans, 27% new entrants
■ 36% veterans
■ 36% 1-2yr
■ 27% new
Of 11 current holders: 4 (36%) held 2+ years, 4 held 1–2 years, 3 (27%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 40% AUM from top-100 funds
40% from top-100 AUM funds
3 of 11 holders are among the 100 largest funds by AUM, controlling 40% of total institutional value in PCIG. 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 2.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.