Based on 84 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds reduced or closed their PRN 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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High ownership — 83% of 3.0Y peak
83% of all-time peak
84 funds currently hold this stock — 83% of the 3.0-year high of 101 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 12% fewer funds vs a year ago
fund count last 6Q
11 fewer hedge funds hold PRN compared to a year ago (-12% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 35% buying
26 buying48 selling
Last quarter: 48 funds sold vs only 26 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-6 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 12 → 9 → 13 → 7. 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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57% of holders stayed for 2+ years
■ 57% conviction (2yr+)
■ 30% medium
■ 13% new
48 out of 84 hedge funds have held PRN 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 — ~7 new funds/quarter
12 → 12 → 9 → 13 → 7 new funds/Q
New funds entering each quarter: 12 → 9 → 13 → 7. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 62% of holders stayed 2+ years
■ 62% veterans
■ 16% 1-2yr
■ 21% new
Of 85 current holders: 53 (62%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
🏆
Elite ownership — 53% AUM from top-100 funds
53% from top-100 AUM funds
16 of 84 holders are among the 100 largest funds by AUM, controlling 53% of total institutional value in PRN. 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 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.