Based on 4 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds reduced or closed their DFS positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 0% of 3.0Y high
0% of all-time peak
Only 4 funds hold DFS today versus a peak of 1,149 funds at 2025 Q1 — just 0% 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 — 100% fewer funds vs a year ago
fund count last 6Q
1145 fewer hedge funds hold DFS compared to a year ago (-100% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 38% buying
3 buying5 selling
Last quarter: 5 funds sold vs only 3 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 3 → 2 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 25% long-term, 25% new
■ 25% conviction (2yr+)
■ 50% medium
■ 25% new
Of the 4 current holders: 1 (25%) held >2 years, 2 held 1–2 years, and 1 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
📊
Peak discovery — momentum slowing
135 → 4 → 3 → 2 → 3 new funds/Q
New funds entering each quarter: 4 → 3 → 2 → 3. DFS 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 — 50% veterans vs 25% newcomers
■ 50% veterans
■ 25% 1-2yr
■ 25% new
Entry-cohort mix of 4 holders: 2 (50%) are 2+ year veterans, 1 entered 1–2 years ago, and 1 (25%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
0 of 4 holders rank in the top 100 by AUM, but together hold only 0% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 1.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.