Based on 508 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added DB 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
508 hedge funds hold DB 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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Fast accumulation — +23% more funds vs a year ago
fund count last 6Q
+95 new funds entered over the past year (+23% 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.
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Slight buying edge — 52% buying
267 buying242 selling
Last quarter: 267 funds bought or added vs 242 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 (+23 vs last Q)
new funds entering per quarter
Funds opening a new DB position: 87 → 101 → 70 → 93. 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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50% of holders stayed for 2+ years
■ 50% conviction (2yr+)
■ 25% medium
■ 25% new
255 out of 508 hedge funds have held DB 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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Value +27% but shares only +9% — price-driven
Last quarter: the total dollar value of institutional holdings rose +27%, but actual share count only changed +9%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Steady discovery — ~93 new funds/quarter
97 → 87 → 101 → 70 → 93 new funds/Q
New funds entering each quarter: 87 → 101 → 70 → 93. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 57% veterans vs 30% newcomers
■ 57% veterans
■ 13% 1-2yr
■ 30% new
Entry-cohort mix of 541 holders: 311 (57%) are 2+ year veterans, 68 entered 1–2 years ago, and 162 (30%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 65% AUM from top-100 funds
65% from top-100 AUM funds
55 of 500 holders are among the 100 largest funds by AUM, controlling 65% of total institutional value in DB. 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.