Based on 115 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their DRD positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (95% of max)
95% of all-time peak
115 hedge funds hold DRD 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.
🚀
Fast accumulation — +44% more funds vs a year ago
fund count last 6Q
+35 new funds entered over the past year (+44% 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. The peak was reached in just 4 quarters from the low — a sharp move.
🟠
More sellers than buyers — 47% buying
54 buying61 selling
Last quarter: 61 funds reduced or exited vs 54 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.
⚠️
Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 17 → 38 → 23 → 16. 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.
🔒
55% of holders stayed for 2+ years
■ 55% conviction (2yr+)
■ 23% medium
■ 23% new
63 out of 115 hedge funds have held DRD 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.
💎
Buying through price weakness — shares -0%, value -32%
Last quarter: funds added -0% more shares while total portfolio value only changed -32%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊
Peak discovery — momentum slowing
15 → 17 → 38 → 23 → 16 new funds/Q
New funds entering each quarter: 17 → 38 → 23 → 16. DRD is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 67% veterans vs 24% newcomers
■ 67% veterans
■ 9% 1-2yr
■ 24% new
Entry-cohort mix of 119 holders: 80 (67%) are 2+ year veterans, 11 entered 1–2 years ago, and 28 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 46% AUM from top-100 funds
46% from top-100 AUM funds
28 of 115 holders are among the 100 largest funds by AUM, controlling 46% of total institutional value in DRD. 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 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.