Based on 90 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their DLY positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 92% of 3.0Y peak
92% of all-time peak
90 funds currently hold this stock — 92% of the 3.0-year high of 98 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +17% more funds vs a year ago
fund count last 6Q
+13 new funds entered over the past year (+17% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 52% buying
46 buying42 selling
Last quarter: 46 funds bought or added vs 42 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️
Steady new buyers — ~12 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 19 → 23 → 11 → 12. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
46% of holders stayed for 2+ years
■ 46% conviction (2yr+)
■ 33% medium
■ 21% new
41 out of 90 hedge funds have held DLY 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.
⚠️
Saturation — most institutions already know this story
14 → 19 → 23 → 11 → 12 new funds/Q
New funds entering each quarter: 19 → 23 → 11 → 12. 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.
🏛️
Veteran-anchored — 53% veterans vs 29% newcomers
■ 53% veterans
■ 18% 1-2yr
■ 29% new
Entry-cohort mix of 90 holders: 48 (53%) are 2+ year veterans, 16 entered 1–2 years ago, and 26 (29%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 64% AUM from top-100 funds
64% from top-100 AUM funds
15 of 90 holders are among the 100 largest funds by AUM, controlling 64% of total institutional value in DLY. 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 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.