Based on 84 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 6 quarters in a row
For 6 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
84 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 — +40% more funds vs a year ago
fund count last 6Q
+24 new funds entered over the past year (+40% 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.
🟢
More buyers than sellers — 67% buying
55 buying27 selling
Last quarter: 55 funds were net buyers (15 opened a brand new position + 40 added to an existing one). Only 27 were sellers (21 trimmed + 6 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~15 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 14 → 10 → 10 → 15. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 39% long-term, 33% new
■ 39% conviction (2yr+)
■ 27% medium
■ 33% new
Of the 84 current holders: 33 (39%) held >2 years, 23 held 1–2 years, and 28 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.
➡️
Steady discovery — ~15 new funds/quarter
13 → 14 → 10 → 10 → 15 new funds/Q
New funds entering each quarter: 14 → 10 → 10 → 15. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 38% veterans, 50% new entrants
■ 38% veterans
■ 12% 1-2yr
■ 50% new
Of 84 current holders: 32 (38%) held 2+ years, 10 held 1–2 years, 42 (50%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
📋
Smaller funds dominant — 10% AUM from top-100
10% from top-100 AUM funds
9 of 84 holders rank in the top 100 by AUM, but together hold only 10% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.2
out of 10
Moderate Exit Risk
Exit risk score 4.2/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.