Based on 207 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 PDFS 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
207 hedge funds hold PDFS 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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Fast accumulation — +25% more funds vs a year ago
fund count last 6Q
+42 new funds entered over the past year (+25% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks. The peak was reached in just 4 quarters from the low — a sharp move.
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Slight buying edge — 59% buying
111 buying78 selling
Last quarter: 111 funds bought or added vs 78 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 (+13 vs last Q)
new funds entering per quarter
Funds opening a new PDFS position: 27 → 38 → 29 → 42. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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56% of holders stayed for 2+ years
■ 56% conviction (2yr+)
■ 21% medium
■ 23% new
116 out of 207 hedge funds have held PDFS 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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Steady discovery — ~42 new funds/quarter
26 → 27 → 38 → 29 → 42 new funds/Q
New funds entering each quarter: 27 → 38 → 29 → 42. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 64% veterans vs 28% newcomers
■ 64% veterans
■ 8% 1-2yr
■ 28% new
Entry-cohort mix of 208 holders: 133 (64%) are 2+ year veterans, 17 entered 1–2 years ago, and 58 (28%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 22% AUM from major funds
22% from top-100 AUM funds
40 of 206 holders rank in the top 100 by AUM, accounting for 22% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.