Based on 777 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 DFAS 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
777 hedge funds hold DFAS 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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Steady growth — +15% more funds vs a year ago
fund count last 6Q
+103 new funds entered over the past year (+15% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 65% buying
446 buying239 selling
Last quarter: 446 funds were net buyers (101 opened a brand new position + 345 added to an existing one). Only 239 were sellers (200 trimmed + 39 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+46 vs last Q)
new funds entering per quarter
Funds opening a new DFAS position: 61 → 57 → 55 → 101. 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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54% of holders stayed for 2+ years
■ 54% conviction (2yr+)
■ 27% medium
■ 19% new
420 out of 777 hedge funds have held DFAS 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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Growing discovery — still being found
90 → 61 → 57 → 55 → 101 new funds/Q
New funds entering each quarter: 61 → 57 → 55 → 101. A growing number of institutions are discovering DFAS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 50% of holders stayed 2+ years
■ 50% veterans
■ 19% 1-2yr
■ 30% new
Of 777 current holders: 390 (50%) 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 — 20% AUM from major funds
20% from top-100 AUM funds
19 of 777 holders rank in the top 100 by AUM, accounting for 20% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.