Based on 173 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 11 quarters in a row
For 11 consecutive quarters, more hedge funds added DC 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
173 hedge funds hold DC 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.
🚀
Fast accumulation — +59% more funds vs a year ago
fund count last 6Q
+64 new funds entered over the past year (+59% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 66% buying
114 buying59 selling
Last quarter: 114 funds were net buyers (43 opened a brand new position + 71 added to an existing one). Only 59 were sellers (39 trimmed + 20 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+13 vs last Q)
new funds entering per quarter
Funds opening a new DC position: 16 → 40 → 30 → 43. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
📌
Mixed — 30% long-term, 40% new
■ 30% conviction (2yr+)
■ 29% medium
■ 40% new
Of the 173 current holders: 52 (30%) held >2 years, 51 held 1–2 years, and 70 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💎
Buying through price weakness — shares +22%, value -6%
Last quarter: funds added +22% more shares while total portfolio value only changed -6%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
25 → 16 → 40 → 30 → 43 new funds/Q
New funds entering each quarter: 16 → 40 → 30 → 43. A growing number of institutions are discovering DC each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
📊
Mixed cohorts — 33% veterans, 49% new entrants
■ 33% veterans
■ 18% 1-2yr
■ 49% new
Of 180 current holders: 59 (33%) held 2+ years, 32 held 1–2 years, 89 (49%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 41% AUM from top-100 funds
41% from top-100 AUM funds
38 of 172 holders are among the 100 largest funds by AUM, controlling 41% of total institutional value in DC. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.7
out of 10
Moderate Exit Risk
Exit risk score 4.7/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.