Based on 11 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds reduced or closed their DTSQ positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 41% of 1.5Y high
41% of all-time peak
Only 11 funds hold DTSQ today versus a peak of 27 funds at 2024 Q4 — just 41% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 59% fewer funds vs a year ago
fund count last 6Q
16 fewer hedge funds hold DTSQ compared to a year ago (-59% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 33% buying
8 buying16 selling
Last quarter: 16 funds sold vs only 8 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 1 → 1 → 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 — 45% entered in last year
■ 0% conviction (2yr+)
■ 55% medium
■ 45% 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.
➡️
Steady discovery — ~6 new funds/quarter
11 → 4 → 1 → 1 → 6 new funds/Q
New funds entering each quarter: 4 → 1 → 1 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 73% of holders entered in last year
■ 0% veterans
■ 27% 1-2yr
■ 73% new
Of 11 current holders: 8 (73%) 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 — 12% AUM from top-100
12% from top-100 AUM funds
4 of 11 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.
Exit risk score 2.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.