Based on 196 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added PRAA 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 (98% of max)
98% of all-time peak
196 hedge funds hold PRAA 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding PRAA is almost the same as a year ago (-3 funds, -2% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 52% buying
108 buying99 selling
Last quarter: 108 funds bought or added vs 99 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 PRAA position: 24 → 32 → 28 → 41. 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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66% of holders stayed for 2+ years
■ 66% conviction (2yr+)
■ 15% medium
■ 19% new
129 out of 196 hedge funds have held PRAA 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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Growing discovery — still being found
33 → 24 → 32 → 28 → 41 new funds/Q
New funds entering each quarter: 24 → 32 → 28 → 41. A growing number of institutions are discovering PRAA each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 72% veterans vs 21% newcomers
■ 72% veterans
■ 7% 1-2yr
■ 21% new
Entry-cohort mix of 197 holders: 142 (72%) are 2+ year veterans, 14 entered 1–2 years ago, and 41 (21%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 38% AUM from major funds
38% from top-100 AUM funds
45 of 196 holders rank in the top 100 by AUM, accounting for 38% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.