Based on 51 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added DFNL 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
51 hedge funds hold DFNL 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 — +19% more funds vs a year ago
fund count last 6Q
+8 new funds entered over the past year (+19% 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 — 70% buying
33 buying14 selling
Last quarter: 33 funds were net buyers (11 opened a brand new position + 22 added to an existing one). Only 14 were sellers (11 trimmed + 3 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new DFNL position: 4 → 4 → 4 → 11. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
59% of holders stayed for 2+ years
■ 59% conviction (2yr+)
■ 18% medium
■ 24% new
30 out of 51 hedge funds have held DFNL 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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Value +41% but shares only +24% — price-driven
Last quarter: the total dollar value of institutional holdings rose +41%, but actual share count only changed +24%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Growing discovery — still being found
4 → 4 → 4 → 4 → 11 new funds/Q
New funds entering each quarter: 4 → 4 → 4 → 11. A growing number of institutions are discovering DFNL each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 65% of holders stayed 2+ years
■ 65% veterans
■ 10% 1-2yr
■ 25% new
Of 51 current holders: 33 (65%) 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
9 of 51 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.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.