Just caught this interesting move in the market data. PMC FIG Opportunities trimmed its Axos Financial position pretty significantly in Q4, selling off about 33k shares for roughly $2.72 million. What's notable is that they went from holding this stock at 5.1% of their fund assets down to less than 1% after the trade. That's a major reposition.

Axos Financial itself has been on quite a run though. Over the past 12 months, the stock is up 34%, trading around $89.47 as of the filing date. That's crushing the S&P 500's 16% gain in the same period. The bank's actually backing up the stock move too - they posted solid earnings with net income up year-over-year and net interest income climbing 18.4%.

So the fund's trim looks more like profit-taking and position sizing after a strong 12-month rally rather than any fundamental concern. The bank's still growing loans and deposits with tight credit metrics. Seems like a classic case of letting winners run, then trimming when they get outsized in your portfolio. Curious if this signals more funds doing the same thing.