Based on 18 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their DLAG positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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At the ownership peak (95% of max)
95% of all-time peak
18 hedge funds hold DLAG right now — the highest count in 1.0 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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Heavy selling pressure — only 35% buying
8 buying15 selling
Last quarter: 15 funds sold vs only 8 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
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Steady new buyers — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 12 → 4 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 89% entered in last year
■ 0% conviction (2yr+)
■ 11% medium
■ 89% new
Only 0 funds (0%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Saturation — most institutions already know this story
12 → 4 → 6 new funds/Q
New funds entering each quarter: 12 → 4 → 6. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
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Early stage — 100% of holders entered in last year
■ 0% veterans
■ 0% 1-2yr
■ 100% new
Of 18 current holders: 18 (100%) entered in the past year, only 0 (0%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
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Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
1 of 18 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 7.7/10 — multiple crowding signals converge. Institutional ownership is at 95% of its all-time high — near peak crowding. Selling pressure exceeds buying: only 35% of active funds buying. Crowded trades can unwind fast — a single catalyst can trigger a cascade.