Based on 255 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 11 quarters in a row
For 11 consecutive quarters, more hedge funds added DFAR 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.
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At the ownership peak (100% of max)
100% of all-time peak
255 hedge funds hold DFAR 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.
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Fast accumulation — +21% more funds vs a year ago
fund count last 6Q
+44 new funds entered over the past year (+21% 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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More buyers than sellers — 67% buying
157 buying76 selling
Last quarter: 157 funds were net buyers (36 opened a brand new position + 121 added to an existing one). Only 76 were sellers (62 trimmed + 14 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+19 vs last Q)
new funds entering per quarter
Funds opening a new DFAR position: 20 → 32 → 17 → 36. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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52% of holders stayed for 2+ years
■ 52% conviction (2yr+)
■ 26% medium
■ 22% new
132 out of 255 hedge funds have held DFAR 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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Steady discovery — ~36 new funds/quarter
32 → 20 → 32 → 17 → 36 new funds/Q
New funds entering each quarter: 20 → 32 → 17 → 36. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 44% of holders stayed 2+ years
■ 44% veterans
■ 21% 1-2yr
■ 35% new
Of 257 current holders: 113 (44%) 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.
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Smaller funds dominant — 1% AUM from top-100
1% from top-100 AUM funds
10 of 255 holders rank in the top 100 by AUM, but together hold only 1% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.