Based on 463 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added DON 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
463 hedge funds hold DON 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 — +10% more funds vs a year ago
fund count last 6Q
+41 new funds entered over the past year (+10% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More sellers than buyers — 48% buying
186 buying204 selling
Last quarter: 204 funds reduced or exited vs 186 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 (-21 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 35 → 33 → 62 → 41. 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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63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 20% medium
■ 17% new
291 out of 463 hedge funds have held DON 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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Acceleration phase — new buyers rushing in
36 → 35 → 33 → 62 → 41 new funds/Q
New funds entering each quarter: 35 → 33 → 62 → 41. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Veteran-anchored — 64% veterans vs 21% newcomers
■ 64% veterans
■ 15% 1-2yr
■ 21% new
Entry-cohort mix of 463 holders: 298 (64%) are 2+ year veterans, 69 entered 1–2 years ago, and 96 (21%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 44% AUM from top-100 funds
44% from top-100 AUM funds
26 of 462 holders are among the 100 largest funds by AUM, controlling 44% of total institutional value in DON. 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.