Based on 218 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added BDJ 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
218 hedge funds hold BDJ 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 — +6% more funds vs a year ago
fund count last 6Q
+13 new funds entered over the past year (+6% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 60% buying
92 buying61 selling
Last quarter: 92 funds were net buyers (19 opened a brand new position + 73 added to an existing one). Only 61 were sellers (45 trimmed + 16 sold completely). A clear majority buying is a strong confirmation signal.
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Fewer new buyers each quarter (-17 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 19 → 27 → 36 → 19. 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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61% of holders stayed for 2+ years
■ 61% conviction (2yr+)
■ 21% medium
■ 18% new
133 out of 218 hedge funds have held BDJ 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
24 → 19 → 27 → 36 → 19 new funds/Q
New funds entering each quarter: 19 → 27 → 36 → 19. A growing number of institutions are discovering BDJ each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 67% veterans vs 22% newcomers
■ 67% veterans
■ 11% 1-2yr
■ 22% new
Entry-cohort mix of 218 holders: 145 (67%) are 2+ year veterans, 25 entered 1–2 years ago, and 48 (22%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 45% AUM from top-100 funds
45% from top-100 AUM funds
18 of 217 holders are among the 100 largest funds by AUM, controlling 45% of total institutional value in BDJ. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.