Based on 137 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 10 quarters in a row
For 10 consecutive quarters, more hedge funds added DIVB 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
137 hedge funds hold DIVB 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.
🚀
Fast accumulation — +37% more funds vs a year ago
fund count last 6Q
+37 new funds entered over the past year (+37% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 62% buying
80 buying50 selling
Last quarter: 80 funds were net buyers (21 opened a brand new position + 59 added to an existing one). Only 50 were sellers (39 trimmed + 11 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~21 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 25 → 24 → 19 → 21. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 36% long-term, 26% new
■ 36% conviction (2yr+)
■ 37% medium
■ 26% new
Of the 137 current holders: 50 (36%) held >2 years, 51 held 1–2 years, and 36 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
16 → 25 → 24 → 19 → 21 new funds/Q
New funds entering each quarter: 25 → 24 → 19 → 21. DIVB is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
📊
Mixed cohorts — 39% veterans, 39% new entrants
■ 39% veterans
■ 22% 1-2yr
■ 39% new
Of 137 current holders: 54 (39%) held 2+ years, 30 held 1–2 years, 53 (39%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 35% AUM from major funds
35% from top-100 AUM funds
13 of 137 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.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.