Based on 11 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their PWS positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 61% of 3.0Y high
61% of all-time peak
Only 11 funds hold PWS today versus a peak of 18 funds at 2025 Q2 — just 61% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 39% fewer funds vs a year ago
fund count last 6Q
7 fewer hedge funds hold PWS compared to a year ago (-39% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 46% buying
6 buying7 selling
Last quarter: 7 funds reduced or exited vs 6 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 3 → 3 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
82% of holders stayed for 2+ years
■ 82% conviction (2yr+)
■ 9% medium
■ 9% new
9 out of 11 hedge funds have held PWS 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.
💎
Buying through price weakness — shares +173%, value -35%
Last quarter: funds added +173% more shares while total portfolio value only changed -35%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊
Peak discovery — momentum slowing
4 → 2 → 3 → 3 → 1 new funds/Q
New funds entering each quarter: 2 → 3 → 3 → 1. PWS is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 64% veterans vs 9% newcomers
■ 64% veterans
■ 27% 1-2yr
■ 9% new
Entry-cohort mix of 11 holders: 7 (64%) are 2+ year veterans, 3 entered 1–2 years ago, and 1 (9%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 49% AUM from top-100 funds
49% from top-100 AUM funds
4 of 10 holders are among the 100 largest funds by AUM, controlling 49% of total institutional value in PWS. 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 1.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.