Based on 13 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their DEEF positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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Below peak — only 62% of 3.0Y high
62% of all-time peak
Only 13 funds hold DEEF today versus a peak of 21 funds at 2023 Q4 — just 62% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 32% fewer funds vs a year ago
fund count last 6Q
6 fewer hedge funds hold DEEF compared to a year ago (-32% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More sellers than buyers — 47% buying
7 buying8 selling
Last quarter: 8 funds reduced or exited vs 7 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 — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 0 → 2 → 2 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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77% of holders stayed for 2+ years
■ 77% conviction (2yr+)
■ 15% medium
■ 8% new
10 out of 13 hedge funds have held DEEF 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.
➡️
Steady discovery — ~3 new funds/quarter
6 → 0 → 2 → 2 → 3 new funds/Q
New funds entering each quarter: 0 → 2 → 2 → 3. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 77% veterans vs 15% newcomers
■ 77% veterans
■ 8% 1-2yr
■ 15% new
Entry-cohort mix of 13 holders: 10 (77%) are 2+ year veterans, 1 entered 1–2 years ago, and 2 (15%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 85% AUM from top-100 funds
85% from top-100 AUM funds
5 of 13 holders are among the 100 largest funds by AUM, controlling 85% of total institutional value in DEEF. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 1.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.