Based on 128 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 PREF 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
128 hedge funds hold PREF 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 — +16% more funds vs a year ago
fund count last 6Q
+18 new funds entered over the past year (+16% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 55% buying
71 buying57 selling
Last quarter: 71 funds bought or added vs 57 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 (-10 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 22 → 16 → 24 → 14. 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.
🔒
47% of holders stayed for 2+ years
■ 47% conviction (2yr+)
■ 30% medium
■ 23% new
60 out of 128 hedge funds have held PREF 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.
➡️
Steady discovery — ~14 new funds/quarter
17 → 22 → 16 → 24 → 14 new funds/Q
New funds entering each quarter: 22 → 16 → 24 → 14. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 50% veterans vs 33% newcomers
■ 50% veterans
■ 17% 1-2yr
■ 33% new
Entry-cohort mix of 128 holders: 64 (50%) are 2+ year veterans, 22 entered 1–2 years ago, and 42 (33%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 70% AUM from top-100 funds
70% from top-100 AUM funds
18 of 128 holders are among the 100 largest funds by AUM, controlling 70% of total institutional value in PREF. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.