Based on 199 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 7 quarters in a row
For 7 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
199 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 — +23% more funds vs a year ago
fund count last 6Q
+37 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.
🟠
More sellers than buyers — 47% buying
92 buying104 selling
Last quarter: 104 funds reduced or exited vs 92 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.
⚠️
Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 22 → 32 → 37 → 30. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
59% of holders stayed for 2+ years
■ 59% conviction (2yr+)
■ 21% medium
■ 21% new
117 out of 199 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.
📈
Growing discovery — still being found
33 → 22 → 32 → 37 → 30 new funds/Q
New funds entering each quarter: 22 → 32 → 37 → 30. A growing number of institutions are discovering DCO each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 64% of holders stayed 2+ years
■ 64% veterans
■ 9% 1-2yr
■ 27% new
Of 201 current holders: 129 (64%) 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.
✅
Strong quality — 35% AUM from major funds
35% from top-100 AUM funds
37 of 199 holders rank in the top 100 by AUM, accounting for 35% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
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.