Based on 102 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 8 quarters in a row
For 8 consecutive quarters, more hedge funds added DBND 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
102 hedge funds hold DBND 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.
🚀
Fast accumulation — +34% more funds vs a year ago
fund count last 6Q
+26 new funds entered over the past year (+34% 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.
🟡
Slight buying edge — 59% buying
65 buying45 selling
Last quarter: 65 funds bought or added vs 45 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 — ~18 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 11 → 16 → 21 → 18. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 36% long-term, 31% new
■ 36% conviction (2yr+)
■ 32% medium
■ 31% new
Of the 102 current holders: 37 (36%) held >2 years, 33 held 1–2 years, and 32 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
12 → 11 → 16 → 21 → 18 new funds/Q
New funds entering each quarter: 11 → 16 → 21 → 18. A growing number of institutions are discovering DBND each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
📊
Mixed cohorts — 37% veterans, 43% new entrants
■ 37% veterans
■ 20% 1-2yr
■ 43% new
Of 102 current holders: 38 (37%) held 2+ years, 20 held 1–2 years, 44 (43%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
📋
Smaller funds dominant — 19% AUM from top-100
19% from top-100 AUM funds
12 of 102 holders rank in the top 100 by AUM, but together hold only 19% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.3
out of 10
Moderate Exit Risk
Exit risk score 4.3/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.