Based on 51 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added DAX 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.
📊
High ownership — 82% of 3.0Y peak
82% of all-time peak
51 funds currently hold this stock — 82% of the 3.0-year high of 62 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 18% fewer funds vs a year ago
fund count last 6Q
11 fewer hedge funds hold DAX compared to a year ago (-18% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 52% buying
27 buying25 selling
Last quarter: 27 funds bought or added vs 25 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.
➡️
Steady new buyers — ~11 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 7 → 12 → 11 → 11. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 35% long-term, 35% new
■ 35% conviction (2yr+)
■ 29% medium
■ 35% new
Of the 51 current holders: 18 (35%) held >2 years, 15 held 1–2 years, and 18 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
📈
Growing discovery — still being found
33 → 7 → 12 → 11 → 11 new funds/Q
New funds entering each quarter: 7 → 12 → 11 → 11. A growing number of institutions are discovering DAX each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 40% veterans vs 52% newcomers
■ 40% veterans
■ 8% 1-2yr
■ 52% new
Entry-cohort mix of 52 holders: 21 (40%) are 2+ year veterans, 4 entered 1–2 years ago, and 27 (52%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 12% AUM from top-100
12% from top-100 AUM funds
10 of 51 holders rank in the top 100 by AUM, but together hold only 12% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.