Based on 2994 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their DIS positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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At the ownership peak (95% of max)
95% of all-time peak
2,994 hedge funds hold DIS 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 DIS is almost the same as a year ago (-6 funds, 0% change). No significant rush to buy or sell — institutional backing is holding steady.
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More sellers than buyers — 42% buying
1324 buying1819 selling
Last quarter: 1,819 funds reduced or exited vs 1,324 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
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Fewer new buyers each quarter (-124 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 346 → 161 → 341 → 217. 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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76% of holders stayed for 2+ years
■ 76% conviction (2yr+)
■ 14% medium
■ 11% new
2,263 out of 2,994 hedge funds have held DIS 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
187 → 346 → 161 → 341 → 217 new funds/Q
New funds entering each quarter: 346 → 161 → 341 → 217. A growing number of institutions are discovering DIS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 77% veterans vs 13% newcomers
■ 77% veterans
■ 10% 1-2yr
■ 13% new
Entry-cohort mix of 3,104 holders: 2,377 (77%) are 2+ year veterans, 317 entered 1–2 years ago, and 410 (13%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 48% AUM from top-100 funds
48% from top-100 AUM funds
70 of 2987 holders are among the 100 largest funds by AUM, controlling 48% of total institutional value in DIS. 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 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.