Based on 118 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added DGRS 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 (97% of max)
97% of all-time peak
118 hedge funds hold DGRS 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding DGRS is almost the same as a year ago (-4 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
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More sellers than buyers — 45% buying
49 buying60 selling
Last quarter: 60 funds reduced or exited vs 49 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.
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Steady new buyers — ~15 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 12 → 7 → 12 → 15. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 26% medium
■ 20% new
63 out of 118 hedge funds have held DGRS 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
28 → 12 → 7 → 12 → 15 new funds/Q
New funds entering each quarter: 12 → 7 → 12 → 15. A growing number of institutions are discovering DGRS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 53% of holders stayed 2+ years
■ 53% veterans
■ 17% 1-2yr
■ 31% new
Of 118 current holders: 62 (53%) 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 — 33% AUM from major funds
33% from top-100 AUM funds
13 of 118 holders rank in the top 100 by AUM, accounting for 33% 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.