Based on 67 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added DFE 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 (100% of max)
100% of all-time peak
67 hedge funds hold DFE 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding DFE is almost the same as a year ago (+2 funds, +3% change). No significant rush to buy or sell — institutional backing is holding steady.
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More buyers than sellers — 60% buying
29 buying19 selling
Last quarter: 29 funds were net buyers (13 opened a brand new position + 16 added to an existing one). Only 19 were sellers (12 trimmed + 7 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+8 vs last Q)
new funds entering per quarter
Funds opening a new DFE position: 5 → 7 → 5 → 13. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 15% medium
■ 18% new
45 out of 67 hedge funds have held DFE 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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Growing discovery — still being found
11 → 5 → 7 → 5 → 13 new funds/Q
New funds entering each quarter: 5 → 7 → 5 → 13. A growing number of institutions are discovering DFE each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 70% veterans vs 19% newcomers
■ 70% veterans
■ 10% 1-2yr
■ 19% new
Entry-cohort mix of 67 holders: 47 (70%) are 2+ year veterans, 7 entered 1–2 years ago, and 13 (19%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 41% AUM from top-100 funds
41% from top-100 AUM funds
12 of 67 holders are among the 100 largest funds by AUM, controlling 41% of total institutional value in DFE. 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.