Based on 1133 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their DD 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 — 83% of 3.0Y peak
83% of all-time peak
1,133 funds currently hold this stock — 83% of the 3.0-year high of 1,372 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 14% fewer funds vs a year ago
fund count last 6Q
181 fewer hedge funds hold DD compared to a year ago (-14% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 11% buying
143 buying1197 selling
Last quarter: 1,197 funds sold vs only 143 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-55 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 146 → 161 → 155 → 100. 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.
🔒
74% of holders stayed for 2+ years
■ 74% conviction (2yr+)
■ 13% medium
■ 13% new
833 out of 1,133 hedge funds have held DD 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.
💰
Price up while funds trimmed (-5% value, -56% shares)
Last quarter: total value of institutional DD holdings rose -5% even though funds reduced share count by 56%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
📊
Peak discovery — momentum slowing
111 → 146 → 161 → 155 → 100 new funds/Q
New funds entering each quarter: 146 → 161 → 155 → 100. DD is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 76% veterans vs 15% newcomers
■ 76% veterans
■ 9% 1-2yr
■ 15% new
Entry-cohort mix of 1,162 holders: 878 (76%) are 2+ year veterans, 109 entered 1–2 years ago, and 175 (15%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 52% AUM from top-100 funds
52% from top-100 AUM funds
67 of 1130 holders are among the 100 largest funds by AUM, controlling 52% of total institutional value in DD. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.4
out of 10
Moderate Exit Risk
Exit risk score 4.4/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.