Based on 88 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their DMRC 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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High ownership — 82% of 3.0Y peak
82% of all-time peak
88 funds currently hold this stock — 82% of the 3.0-year high of 107 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 18% fewer funds vs a year ago
fund count last 6Q
19 fewer hedge funds hold DMRC compared to a year ago (-18% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 48% buying
45 buying48 selling
Last quarter: 48 funds reduced or exited vs 45 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.
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More new buyers each quarter (+9 vs last Q)
new funds entering per quarter
Funds opening a new DMRC position: 23 → 12 → 8 → 17. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
62% of holders stayed for 2+ years
■ 62% conviction (2yr+)
■ 27% medium
■ 10% new
55 out of 88 hedge funds have held DMRC 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.
💎
Buying through price weakness — shares -0%, value -33%
Last quarter: funds added -0% more shares while total portfolio value only changed -33%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Peak discovery — momentum slowing
28 → 23 → 12 → 8 → 17 new funds/Q
New funds entering each quarter: 23 → 12 → 8 → 17. DMRC is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Deep conviction — 68% of holders stayed 2+ years
■ 68% veterans
■ 12% 1-2yr
■ 19% new
Of 88 current holders: 60 (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.
✅
Strong quality — 27% AUM from major funds
27% from top-100 AUM funds
20 of 88 holders rank in the top 100 by AUM, accounting for 27% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.