Based on 119 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 PJP 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 (99% of max)
99% of all-time peak
119 hedge funds hold PJP 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.
🚀
Fast accumulation — +31% more funds vs a year ago
fund count last 6Q
+28 new funds entered over the past year (+31% 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.
🟠
More sellers than buyers — 46% buying
48 buying56 selling
Last quarter: 56 funds reduced or exited vs 48 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 (-12 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 9 → 19 → 32 → 20. 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.
🔒
55% of holders stayed for 2+ years
■ 55% conviction (2yr+)
■ 20% medium
■ 24% new
66 out of 119 hedge funds have held PJP 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.
🚀
Acceleration phase — new buyers rushing in
8 → 9 → 19 → 32 → 20 new funds/Q
New funds entering each quarter: 9 → 19 → 32 → 20. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️
Veteran-anchored — 64% veterans vs 23% newcomers
■ 64% veterans
■ 13% 1-2yr
■ 23% new
Entry-cohort mix of 121 holders: 77 (64%) are 2+ year veterans, 16 entered 1–2 years ago, and 28 (23%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 44% AUM from top-100 funds
44% from top-100 AUM funds
20 of 119 holders are among the 100 largest funds by AUM, controlling 44% of total institutional value in PJP. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.3
out of 10
Moderate Exit Risk
Exit risk score 4.3/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.