Based on 80 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their DFP 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 — 94% of 3.0Y peak
94% of all-time peak
80 funds currently hold this stock — 94% of the 3.0-year high of 85 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +11% more funds vs a year ago
fund count last 6Q
+8 new funds entered over the past year (+11% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠
More sellers than buyers — 48% buying
33 buying36 selling
Last quarter: 36 funds reduced or exited vs 33 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.
⚠️
Fewer new buyers each quarter (-9 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 9 → 13 → 13 → 4. 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.
🔒
61% of holders stayed for 2+ years
■ 61% conviction (2yr+)
■ 25% medium
■ 14% new
49 out of 80 hedge funds have held DFP 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.
💎
Buying through price weakness — shares -1%, value -27%
Last quarter: funds added -1% more shares while total portfolio value only changed -27%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊
Peak discovery — momentum slowing
8 → 9 → 13 → 13 → 4 new funds/Q
New funds entering each quarter: 9 → 13 → 13 → 4. DFP 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 — 64% veterans vs 25% newcomers
■ 64% veterans
■ 11% 1-2yr
■ 25% new
Entry-cohort mix of 80 holders: 51 (64%) are 2+ year veterans, 9 entered 1–2 years ago, and 20 (25%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 25% AUM from major funds
25% from top-100 AUM funds
11 of 80 holders rank in the top 100 by AUM, accounting for 25% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.