Caught something interesting - PMC FIG Opportunities just trimmed its Axos Financial position pretty significantly. They dumped about 33,000 shares in Q4, cutting their stake from over 5% of the fund down to less than 1%. The $2.72 million sale came right as the stock was hitting new highs.

Here's the thing though - Axos is up 34% over the past 12 months, which is solid outperformance versus the broader market. The bank's actually executing well too, with earnings growing and loan portfolio expanding. But when a fund that's been heavily positioned in a stock decides to take profits after that kind of 12-month run, it usually signals some position-sizing discipline rather than a fundamental concern.

The stock's at $89.47 now, and the digital banking thesis still looks intact from what I can see in their numbers. Deposits growing, credit quality holding up. Whether it's a buying opportunity at current levels is the real question though. Sometimes these trimming moves just mean fund managers are being smart about not letting winners run away from their target allocations.