Based on 220 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added DBC than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
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At the ownership peak (97% of max)
97% of all-time peak
220 hedge funds hold DBC right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
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Steady growth — +7% more funds vs a year ago
fund count last 6Q
+14 new funds entered over the past year (+7% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 51% buying
92 buying89 selling
Last quarter: 92 funds bought or added vs 89 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
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Steady new buyers — ~39 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 20 → 16 → 36 → 39. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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59% of holders stayed for 2+ years
■ 59% conviction (2yr+)
■ 20% medium
■ 21% new
130 out of 220 hedge funds have held DBC for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
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Value +27% but shares only +3% — price-driven
Last quarter: the total dollar value of institutional holdings rose +27%, but actual share count only changed +3%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Acceleration phase — new buyers rushing in
29 → 20 → 16 → 36 → 39 new funds/Q
New funds entering each quarter: 20 → 16 → 36 → 39. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Veteran-anchored — 64% veterans vs 24% newcomers
■ 64% veterans
■ 12% 1-2yr
■ 24% new
Entry-cohort mix of 227 holders: 146 (64%) are 2+ year veterans, 27 entered 1–2 years ago, and 54 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 62% AUM from top-100 funds
62% from top-100 AUM funds
25 of 220 holders are among the 100 largest funds by AUM, controlling 62% of total institutional value in DBC. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.