Based on 221 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 8 quarters in a row
For 8 consecutive quarters, more hedge funds added DCO 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
221 hedge funds hold DCO 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 — +30% more funds vs a year ago
fund count last 6Q
+51 new funds entered over the past year (+30% 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 — 53% buying
111 buying99 selling
Last quarter: 111 funds bought or added vs 99 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 (+8 vs last Q)
new funds entering per quarter
Funds opening a new DCO position: 33 → 40 → 32 → 40. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
52% of holders stayed for 2+ years
■ 52% conviction (2yr+)
■ 23% medium
■ 25% new
115 out of 221 hedge funds have held DCO 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 +23% but shares only +2% — price-driven
Last quarter: the total dollar value of institutional holdings rose +23%, but actual share count only changed +2%. 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 — ~40 new funds/quarter
22 → 33 → 40 → 32 → 40 new funds/Q
New funds entering each quarter: 33 → 40 → 32 → 40. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 60% veterans vs 29% newcomers
■ 60% veterans
■ 11% 1-2yr
■ 29% new
Entry-cohort mix of 224 holders: 134 (60%) are 2+ year veterans, 25 entered 1–2 years ago, and 65 (29%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 52% AUM from top-100 funds
52% from top-100 AUM funds
50 of 220 holders are among the 100 largest funds by AUM, controlling 52% of total institutional value in DCO. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.