Based on 26 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added DARE 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
26 hedge funds hold DARE 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 — +13% more funds vs a year ago
fund count last 6Q
+3 new funds entered over the past year (+13% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 62% buying
15 buying9 selling
Last quarter: 15 funds were net buyers (11 opened a brand new position + 4 added to an existing one). Only 9 were sellers (5 trimmed + 4 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new DARE position: 1 → 1 → 4 → 11. 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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Mostly new holders — 38% entered in last year
■ 12% conviction (2yr+)
■ 50% medium
■ 38% new
Only 3 funds (12%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Growing discovery — still being found
5 → 1 → 1 → 4 → 11 new funds/Q
New funds entering each quarter: 1 → 1 → 4 → 11. A growing number of institutions are discovering DARE each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Mixed cohorts — 12% veterans, 42% new entrants
■ 12% veterans
■ 46% 1-2yr
■ 42% new
Of 26 current holders: 3 (12%) held 2+ years, 12 held 1–2 years, 11 (42%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 73% AUM from top-100 funds
73% from top-100 AUM funds
7 of 26 holders are among the 100 largest funds by AUM, controlling 73% of total institutional value in DARE. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.