Pure Cycle

PCYO • NASDAQ

Pure Cycle is a regulated water company in the utilities sector on NASDAQ, led by Mark W. Harding, with a market cap of $287.6M. As of Q3 2025, 52% of shares are held by 100 institutional investors, with MAGNOLIA GROUP, LLC as the largest holder at 8.65%.

President and Chief Executive OfficerMark W. Harding

Market Cap$287.6M

Regulated Water

Utilities

Employees38.0

Websitepurecyclewater.com

Country

United States of America

Overview

Overview of institutional ownership in PCYO as of Q3 2025 with a market cap of $266.5M

All Institutions

Institutions: 100
Value Held: $139.8M
Shares Held: 12.6M
Avg Position: $1.4M
Median Position: $152.4K

Hedge Funds

Hedge Funds: 6
Value Held: $35.0M
Shares Held: 3.2M
Avg Position: $5.8M
Median Position: $2.1M

Ownership Breakdown

Institutional (non-HF)

39.33%

$104.8M

Hedge Funds

13.12%

$35.0M

Retail & Other

47.56%

$126.7M

Based on market cap of $266.5M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in PCYO as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
M MAGNOLIA GROUP, LLC Hedge Fund•Value	Adam Kenneth Peterson Managing Partner	$23.1M 3.66% of portfolio	8.65% 2.1M shares	Q1 2023 Held for 2y 8m	$630.8M
B BlackRock, Inc. Institution	-	$15.2M 0.00% of portfolio	5.71% 1.4M shares	Q1 2017 Held for 8y 8m	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$12.9M 0.00% of portfolio	4.84% 1.2M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
SAPIENT CAPITAL LLC RIA/Wealth	Karim Michael Khairallah CEO	$7.6M 0.12% of portfolio	2.88% 692.6K shares	Q4 2023 Held for 1y 11m	$6.5B
A Arrowpoint Asset Management, LLC Hedge Fund•Multi-Strategy	David John Corkins Managing Partner	$7.4M 0.14% of portfolio	2.80% 672.9K shares	Q4 2021 Held for 3y 11m	$5.4B
H HEARTLAND ADVISORS INC Long Only Manager	William Richard Nasgovitz CEO	$6.9M 0.37% of portfolio	2.61% 627.3K shares	Q3 2020 Held for 5y 2m	$1.9B
R RMB Capital Management, LLC RIA/Wealth	Dimitri Peter Eliopoulos CEO	$6.7M 0.12% of portfolio	2.51% 605.0K shares	≤ Q2 2013 Held for 12y 5m+	$5.4B
KENNEDY CAPITAL MANAGEMENT, INC. Long Only Manager	Donald M Cobin CEO	$5.8M 0.13% of portfolio	2.16% 519.8K shares	Q1 2014 Held for 11y 8m	$4.5B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$5.6M 0.00% of portfolio	2.11% 507.7K shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$5.0M 0.00% of portfolio	1.89% 455.5K shares	Q4 2017 Held for 7y 11m	$466.32B

Net Capital Flow

Institutional buying and selling activity for PCYO in Q3 2025

Traded: +$244.3K
Buyers: 35
Sellers: 43
Total Bought: +$5.0M
Total Sold: −$4.7M
Avg Position: $1.3M

Biggest Buyers

Institution	Net Bought	Current Position
A Arrowpoint Asset Management, LLC Hedge Fund•Multi-Strategy	+$934.5K +84.4K shares	$7.4M 672.9K shares
TEALWOOD ASSET MANAGEMENT INC RIA/Wealth	+$925.6K +83.6K shares	$2.2M 195.1K shares
Ashton Thomas Private Wealth, LLC RIA/Wealth	+$780.3K +70.5K shares	$780.3K 70.5K shares
FIRST WILSHIRE SECURITIES MANAGEMENT INC RIA/Wealth	+$466.3K +42.1K shares	$1.8M 160.7K shares
HORIZON KINETICS ASSET MANAGEMENT LLC Long Only Manager	+$398.7K +36.0K shares	$559.4K 50.5K shares
M MYDA Advisors LLC Hedge Fund•Long/Short	+$337.6K +30.5K shares	$3.4M 311.1K shares
VANGUARD GROUP INC Institution	+$261.9K +23.7K shares	$12.9M 1.2M shares
Robeco Investment Management, Inc. Long Only Manager	+$136.6K +12.3K shares	$2.2M 199.9K shares
J JANE STREET GROUP, LLC Institution	+$112.9K +10.2K shares	$335.2K 30.3K shares
DIAMOND HILL CAPITAL MANAGEMENT INC Long Only Manager	+$111.3K +10.1K shares	$879.1K 79.4K shares

Biggest Sellers

Institution	Net Sold	Current Position
R RMB Capital Management, LLC RIA/Wealth	−$741.7K −67.0K shares	$6.7M 605.0K shares
B BlackRock, Inc. Institution	−$593.9K −53.6K shares	$15.2M 1.4M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$416.7K −38.9K shares	Sold Off 0 shares
S Squarepoint Ops LLC Hedge Fund•Quant	−$353.4K −31.9K shares	$110.9K 10.0K shares
LOS ANGELES CAPITAL MANAGEMENT & EQUITY RESEARCH INC Long Only Manager	−$353.2K −33.0K shares	Sold Off 0 shares
Marshall Wace LLP Institution	−$286.6K −26.7K shares	Sold Off 0 shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$276.3K −25.8K shares	Sold Off 0 shares
R ROYAL BANK OF CANADA Institution	−$238.5K −21.5K shares	$385.4K 34.8K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$158.1K −14.8K shares	Sold Off 0 shares
Concurrent Investment Advisors, LLC RIA/Wealth	−$117.9K −11.0K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited PCYO in Q3 2025

New Positions: 2
New Value: $783.5K
Exited Positions: 10
Exited Value: $1.7M

New Positions

Institution	Position Value
Ashton Thomas Private Wealth, LLC RIA/Wealth	$780.3K 70.5K shares
O Optiver Holding B.V. Institution	$3.2K 292.0 shares

Exited Positions

Institution	Previous Position
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$416.7K 38.9K shares
LOS ANGELES CAPITAL MANAGEMENT & EQUITY RESEARCH INC Long Only Manager	$353.2K 33.0K shares
Marshall Wace LLP Institution	$286.6K 26.7K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$276.3K 25.8K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$158.1K 14.8K shares
Concurrent Investment Advisors, LLC RIA/Wealth	$117.9K 11.0K shares
LAZARD ASSET MANAGEMENT LLC Long Only Manager	$61.5K 5.7K shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	$15.4K 1.4K shares
Financial Perspectives, Inc RIA/Wealth	$2.1K 200.0 shares
A Atlantic Trust Group, LLC Institution	$247.0 23.0 shares

Options Activity

Institutions with the largest Call and Put options positions in PCYO as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with PCYO as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
M MAGNOLIA GROUP, LLC Hedge Fund•Value	Adam Kenneth Peterson Managing Partner	3.66% $23.1M	8.65% 2.1M shares	Q1 2023 Held for 2y 8m	$630.8M
EPIQ PARTNERS, LLC RIA/Wealth	Bruce Jeffrey Langer CEO	1.40% $2.9M	1.08% 259.2K shares	Q4 2019 Held for 5y 11m	$205.1M
M MYDA Advisors LLC Hedge Fund•Long/Short	Jason Marc Lieber Managing Partner	1.13% $3.4M	1.29% 311.1K shares	Q4 2020 Held for 4y 11m	$305.2M
BARD ASSOCIATES INC RIA/Wealth	Timothy Bard Johnson Founder	0.99% $3.7M	1.41% 338.4K shares	≤ Q2 2013 Held for 12y 5m+	$376.6M
TEALWOOD ASSET MANAGEMENT INC RIA/Wealth	Stephen Peet Moseley CEO	0.90% $2.2M	0.81% 195.1K shares	Q3 2021 Held for 4y 2m	$239.3M
FIRST WILSHIRE SECURITIES MANAGEMENT INC RIA/Wealth	Howard Haoming Lu CEO	0.47% $1.8M	0.67% 160.7K shares	Q2 2025 Held for 5 months	$375.8M
H HEARTLAND ADVISORS INC Long Only Manager	William Richard Nasgovitz CEO	0.37% $6.9M	2.61% 627.3K shares	Q3 2020 Held for 5y 2m	$1.9B
PERRITT CAPITAL MANAGEMENT INC Long Only Manager	Mark J Buh President	0.23% $481.9K	0.18% 43.5K shares	Q2 2019 Held for 6y 5m	$211.0M
A Arrowpoint Asset Management, LLC Hedge Fund•Multi-Strategy	David John Corkins Managing Partner	0.14% $7.4M	2.80% 672.9K shares	Q4 2021 Held for 3y 11m	$5.4B
KENNEDY CAPITAL MANAGEMENT, INC. Long Only Manager	Donald M Cobin CEO	0.13% $5.8M	2.16% 519.8K shares	Q1 2014 Held for 11y 8m	$4.5B

Hedge Fund Spotlight

Discover hedge funds investing in PCYO

MAGNOLIA GROUP, LLC

Hedge Fund • Value

Portfolio ManagerAdam Kenneth Peterson

Portfolio Value: $630.8M
Positions: 11
Last Reported: Q3 2025

Sector Allocation

Position in Pure Cycle

Market Value: $23.1M
Shares Held: 2.1M
Portfolio Weight: 3.66%
Owned Since: 2023-Q1

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