Based on 314 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added DNP 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
314 hedge funds hold DNP 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 — +8% more funds vs a year ago
fund count last 6Q
+23 new funds entered over the past year (+8% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 61% buying
160 buying103 selling
Last quarter: 160 funds were net buyers (45 opened a brand new position + 115 added to an existing one). Only 103 were sellers (70 trimmed + 33 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+16 vs last Q)
new funds entering per quarter
Funds opening a new DNP position: 30 → 29 → 29 → 45. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 20% medium
■ 17% new
198 out of 314 hedge funds have held DNP 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 +67% but shares only +7% — price-driven
Last quarter: the total dollar value of institutional holdings rose +67%, but actual share count only changed +7%. 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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Growing discovery — still being found
39 → 30 → 29 → 29 → 45 new funds/Q
New funds entering each quarter: 30 → 29 → 29 → 45. A growing number of institutions are discovering DNP each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 63% of holders stayed 2+ years
■ 63% veterans
■ 14% 1-2yr
■ 23% new
Of 314 current holders: 197 (63%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
✅
Strong quality — 21% AUM from major funds
21% from top-100 AUM funds
13 of 314 holders rank in the top 100 by AUM, accounting for 21% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.