Based on 79 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds reduced or closed their DCBO positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 71% of 3.0Y peak
71% of all-time peak
79 funds currently hold this stock — 71% of the 3.0-year high of 111 funds (reached 2023 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 26% fewer funds vs a year ago
fund count last 6Q
28 fewer hedge funds hold DCBO compared to a year ago (-26% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 40% buying
34 buying51 selling
Last quarter: 51 funds reduced or exited vs 34 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~12 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 11 → 12 → 14 → 12. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
58% of holders stayed for 2+ years
■ 58% conviction (2yr+)
■ 24% medium
■ 18% new
46 out of 79 hedge funds have held DCBO 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.
💎
Buying through price weakness — shares -5%, value -23%
Last quarter: funds added -5% more shares while total portfolio value only changed -23%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
19 → 11 → 12 → 14 → 12 new funds/Q
New funds entering each quarter: 11 → 12 → 14 → 12. A growing number of institutions are discovering DCBO each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 68% of holders stayed 2+ years
■ 68% veterans
■ 15% 1-2yr
■ 18% new
Of 80 current holders: 54 (68%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
📋
Smaller funds dominant — 16% AUM from top-100
16% from top-100 AUM funds
16 of 79 holders rank in the top 100 by AUM, but together hold only 16% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.