Based on 219 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added PTY 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
219 hedge funds hold PTY 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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Steady growth — +17% more funds vs a year ago
fund count last 6Q
+32 new funds entered over the past year (+17% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 60% buying
124 buying84 selling
Last quarter: 124 funds were net buyers (43 opened a brand new position + 81 added to an existing one). Only 84 were sellers (50 trimmed + 34 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~43 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 30 → 23 → 44 → 43. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
49% of holders stayed for 2+ years
■ 49% conviction (2yr+)
■ 25% medium
■ 26% new
107 out of 219 hedge funds have held PTY 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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Buying through price weakness — shares +15%, value -0%
Last quarter: funds added +15% more shares while total portfolio value only changed -0%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Acceleration phase — new buyers rushing in
20 → 30 → 23 → 44 → 43 new funds/Q
New funds entering each quarter: 30 → 23 → 44 → 43. 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.
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Veteran-anchored — 52% veterans vs 30% newcomers
■ 52% veterans
■ 18% 1-2yr
■ 30% new
Entry-cohort mix of 219 holders: 114 (52%) are 2+ year veterans, 40 entered 1–2 years ago, and 65 (30%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 44% AUM from top-100 funds
44% from top-100 AUM funds
15 of 219 holders are among the 100 largest funds by AUM, controlling 44% of total institutional value in PTY. 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 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.