Based on 842 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 11 quarters in a row
For 11 consecutive quarters, more hedge funds added DFUS 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
842 hedge funds hold DFUS 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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Fast accumulation — +23% more funds vs a year ago
fund count last 6Q
+158 new funds entered over the past year (+23% 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.
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More buyers than sellers — 61% buying
422 buying268 selling
Last quarter: 422 funds were net buyers (71 opened a brand new position + 351 added to an existing one). Only 268 were sellers (223 trimmed + 45 sold completely). A clear majority buying is a strong confirmation signal.
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Fewer new buyers each quarter (-33 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 70 → 53 → 104 → 71. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
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55% of holders stayed for 2+ years
■ 55% conviction (2yr+)
■ 26% medium
■ 20% new
460 out of 842 hedge funds have held DFUS 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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Buying through price weakness — shares -0%, value -18%
Last quarter: funds added -0% more shares while total portfolio value only changed -18%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
54 → 70 → 53 → 104 → 71 new funds/Q
New funds entering each quarter: 70 → 53 → 104 → 71. A growing number of institutions are discovering DFUS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 53% veterans vs 28% newcomers
■ 53% veterans
■ 19% 1-2yr
■ 28% new
Entry-cohort mix of 842 holders: 448 (53%) are 2+ year veterans, 161 entered 1–2 years ago, and 233 (28%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 6% AUM from top-100
6% from top-100 AUM funds
21 of 842 holders rank in the top 100 by AUM, but together hold only 6% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.