Based on 44 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added PUI 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
44 hedge funds hold PUI 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 — +13% more funds vs a year ago
fund count last 6Q
+5 new funds entered over the past year (+13% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 62% buying
24 buying15 selling
Last quarter: 24 funds were net buyers (11 opened a brand new position + 13 added to an existing one). Only 15 were sellers (8 trimmed + 7 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~11 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 7 → 9 → 6 → 11. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
57% of holders stayed for 2+ years
■ 57% conviction (2yr+)
■ 27% medium
■ 16% new
25 out of 44 hedge funds have held PUI 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 +73%, value +43%
Last quarter: funds added +73% more shares while total portfolio value only changed +43%. 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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Steady discovery — ~11 new funds/quarter
10 → 7 → 9 → 6 → 11 new funds/Q
New funds entering each quarter: 7 → 9 → 6 → 11. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 61% veterans vs 27% newcomers
■ 61% veterans
■ 11% 1-2yr
■ 27% new
Entry-cohort mix of 44 holders: 27 (61%) are 2+ year veterans, 5 entered 1–2 years ago, and 12 (27%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 33% AUM from major funds
33% from top-100 AUM funds
10 of 43 holders rank in the top 100 by AUM, accounting for 33% 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.