Based on 78 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their DMAY 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 — 90% of 3.0Y peak
90% of all-time peak
78 funds currently hold this stock — 90% of the 3.0-year high of 87 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +10% more funds vs a year ago
fund count last 6Q
+7 new funds entered over the past year (+10% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🔴
Heavy selling pressure — only 26% buying
18 buying50 selling
Last quarter: 50 funds sold vs only 18 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 19 → 10 → 11 → 4. 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.
🔒
47% of holders stayed for 2+ years
■ 47% conviction (2yr+)
■ 33% medium
■ 19% new
37 out of 78 hedge funds have held DMAY 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
8 → 19 → 10 → 11 → 4 new funds/Q
New funds entering each quarter: 19 → 10 → 11 → 4. 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 — 49% veterans vs 27% newcomers
■ 49% veterans
■ 24% 1-2yr
■ 27% new
Entry-cohort mix of 78 holders: 38 (49%) are 2+ year veterans, 19 entered 1–2 years ago, and 21 (27%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 12% AUM from top-100
12% from top-100 AUM funds
5 of 78 holders rank in the top 100 by AUM, but together hold only 12% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.2
out of 10
Moderate Exit Risk
Exit risk score 4.2/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.