Based on 1118 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their DHI positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (99% of max)
99% of all-time peak
1,118 hedge funds hold DHI 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.
📶
Steady growth — +8% more funds vs a year ago
fund count last 6Q
+78 new funds entered over the past year (+8% 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
559 buying600 selling
Last quarter: 600 funds reduced or exited vs 559 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 (-58 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 128 → 136 → 216 → 158. 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.
🔒
65% of holders stayed for 2+ years
■ 65% conviction (2yr+)
■ 18% medium
■ 17% new
728 out of 1,118 hedge funds have held DHI 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
118 → 128 → 136 → 216 → 158 new funds/Q
New funds entering each quarter: 128 → 136 → 216 → 158. A growing number of institutions are discovering DHI each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 68% of holders stayed 2+ years
■ 68% veterans
■ 12% 1-2yr
■ 20% new
Of 1,167 current holders: 792 (68%) 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.
🏆
Elite ownership — 62% AUM from top-100 funds
62% from top-100 AUM funds
44 of 1118 holders are among the 100 largest funds by AUM, controlling 62% of total institutional value in DHI. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.