Just noticed something interesting in the latest fund filings. PMC FIG Opportunities dumped over 33k shares of Axos Financial (AX) last quarter - about $2.72 million worth. The position went from 5.1% of their portfolio down to less than 1%, which is a pretty dramatic trim.

What caught my eye is that they did this while the stock was already up 34% over the past 12 months. Like, the bank's been crushing it - earnings up, loan growth solid, net interest margin expanding to 4.94%. So this doesn't feel like they're panicking on fundamentals. More like they're taking some chips off the table after a strong 12-month run.

Axos is still posting real numbers though. December quarter showed net income of $128.4 million, up from $104.7 million year-over-year. Loan balances hit $24.3 billion. Credit quality stayed tight with charge-offs at just 0.04% of average loans. The bank's clearly executing well.

But here's the thing - when a fund goes from holding something at 5% to under 1%, it usually means they're being disciplined about position sizing, not abandoning the thesis. The stock's at $89.47 now, way ahead of the S&P 500's 16% gain over the same 12 months. Sometimes that's the signal to rebalance, even if you still like the company long-term. Valuation discipline matters more than trying to catch every last dollar.