Based on 11 hedge funds · latest filing: 2025 Q4 · updated quarterly
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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.
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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 — 31% fewer funds vs a year ago
fund count last 6Q
5 fewer hedge funds hold PCIG compared to a year ago (-31% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 31% buying
5 buying11 selling
Last quarter: 11 funds sold vs only 5 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 4 → 2 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 9% entered in last year
■ 9% conviction (2yr+)
■ 82% medium
■ 9% new
Only 1 funds (9%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
⚠️
Saturation — most institutions already know this story
7 → 3 → 4 → 2 → 1 new funds/Q
New funds entering each quarter: 3 → 4 → 2 → 1. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
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Mixed cohorts — 9% veterans, 36% new entrants
■ 9% veterans
■ 55% 1-2yr
■ 36% new
Of 11 current holders: 1 (9%) held 2+ years, 6 held 1–2 years, 4 (36%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Smaller funds dominant — 8% AUM from top-100
8% from top-100 AUM funds
5 of 11 holders rank in the top 100 by AUM, but together hold only 8% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.