Based on 579 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added DVA 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 (98% of max)
98% of all-time peak
579 hedge funds hold DVA 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 DVA is almost the same as a year ago (-11 funds, -2% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 50% buying
298 buying302 selling
Last quarter: 298 funds bought or added vs 302 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
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More new buyers each quarter (+48 vs last Q)
new funds entering per quarter
Funds opening a new DVA position: 65 → 72 → 82 → 130. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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65% of holders stayed for 2+ years
■ 65% conviction (2yr+)
■ 16% medium
■ 19% new
377 out of 579 hedge funds have held DVA 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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Price up while funds trimmed (+22% value, -8% shares)
Last quarter: total value of institutional DVA holdings rose +22% even though funds reduced share count by 8%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Acceleration phase — new buyers rushing in
87 → 65 → 72 → 82 → 130 new funds/Q
New funds entering each quarter: 65 → 72 → 82 → 130. 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 — 71% veterans vs 20% newcomers
■ 71% veterans
■ 9% 1-2yr
■ 20% new
Entry-cohort mix of 604 holders: 430 (71%) are 2+ year veterans, 55 entered 1–2 years ago, and 119 (20%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 80% AUM from top-100 funds
80% from top-100 AUM funds
61 of 577 holders are among the 100 largest funds by AUM, controlling 80% of total institutional value in DVA. 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.