Based on 506 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their PRI positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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At the ownership peak (99% of max)
99% of all-time peak
506 hedge funds hold PRI 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 PRI is almost the same as a year ago (+0 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 53% buying
251 buying224 selling
Last quarter: 251 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.
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Fewer new buyers each quarter (-16 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 61 → 58 → 75 → 59. 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.
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61% of holders stayed for 2+ years
■ 61% conviction (2yr+)
■ 22% medium
■ 17% new
311 out of 506 hedge funds have held PRI 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
79 → 61 → 58 → 75 → 59 new funds/Q
New funds entering each quarter: 61 → 58 → 75 → 59. A growing number of institutions are discovering PRI each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 65% veterans vs 23% newcomers
■ 65% veterans
■ 12% 1-2yr
■ 23% new
Entry-cohort mix of 510 holders: 332 (65%) are 2+ year veterans, 62 entered 1–2 years ago, and 116 (23%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 49% AUM from top-100 funds
49% from top-100 AUM funds
58 of 503 holders are among the 100 largest funds by AUM, controlling 49% of total institutional value in PRI. 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.