Based on 445 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their PII positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (96% of max)
96% of all-time peak
445 hedge funds hold PII 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.
📶
Steady growth — +14% more funds vs a year ago
fund count last 6Q
+56 new funds entered over the past year (+14% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction. The peak was reached in just 3 quarters from the low — a sharp move.
🟡
Slight buying edge — 50% buying
220 buying224 selling
Last quarter: 220 funds bought or added vs 224 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.
⚠️
Fewer new buyers each quarter (-31 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 91 → 83 → 88 → 57. 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.
🔒
65% of holders stayed for 2+ years
■ 65% conviction (2yr+)
■ 18% medium
■ 17% new
289 out of 445 hedge funds have held PII 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.
💰
Price up while funds trimmed (-19% value, -55% shares)
Last quarter: total value of institutional PII holdings rose -19% even though funds reduced share count by 55%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
📊
Peak discovery — momentum slowing
60 → 91 → 83 → 88 → 57 new funds/Q
New funds entering each quarter: 91 → 83 → 88 → 57. PII is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 71% veterans vs 22% newcomers
■ 71% veterans
■ 7% 1-2yr
■ 22% new
Entry-cohort mix of 458 holders: 326 (71%) are 2+ year veterans, 32 entered 1–2 years ago, and 100 (22%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 51% AUM from top-100 funds
51% from top-100 AUM funds
54 of 442 holders are among the 100 largest funds by AUM, controlling 51% of total institutional value in PII. 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 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.