I would bet higher on options P&D, mostly because even the big boys use options as their primary position. Icahn for example bought mostly calls and some shares. I don't believe the core holders have changed dramatically over the last 5 years.
if I were you I would buy before Carl Icahn before does (like I did) and get out when the time coincides with your holding period and at a price where you believe the possibility of an even higher price is less likely than that of a lower price, over time. In other words, do what I do.
They will churn it as long as they can so the big boys can reposition, and new leveraged shorts are squeezed out. When they're ready they will flip the switch.
Fundys have only weakened wrt cash, debt, margins.