Based on 20 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 PERF positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 91% of 3.0Y peak
91% of all-time peak
20 funds currently hold this stock — 91% of the 3.0-year high of 22 funds (reached 2026 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding PERF is almost the same as a year ago (+0 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
🟠
More sellers than buyers — 47% buying
8 buying9 selling
Last quarter: 9 funds reduced or exited vs 8 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️
Fewer new buyers each quarter (-6 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 4 → 5 → 8 → 2. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔄
Mostly new holders — 40% entered in last year
■ 20% conviction (2yr+)
■ 40% medium
■ 40% new
Only 4 funds (20%) 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.
➡️
Steady discovery — ~2 new funds/quarter
8 → 4 → 5 → 8 → 2 new funds/Q
New funds entering each quarter: 4 → 5 → 8 → 2. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 60% of holders entered in last year
■ 25% veterans
■ 15% 1-2yr
■ 60% new
Of 20 current holders: 12 (60%) entered in the past year, only 5 (25%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
🏆
Elite ownership — 54% AUM from top-100 funds
54% from top-100 AUM funds
8 of 20 holders are among the 100 largest funds by AUM, controlling 54% of total institutional value in PERF. 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 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.