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 DTSQR 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 — 78% of 3.0Y peak
78% of all-time peak
18 funds currently hold this stock — 78% of the 3.0-year high of 23 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 — 5% fewer funds vs a year ago
fund count last 6Q
1 fewer hedge funds hold DTSQR compared to a year ago (-5% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 36% buying
4 buying7 selling
Last quarter: 7 funds sold vs only 4 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 3 → 3 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 17% entered in last year
■ 11% conviction (2yr+)
■ 72% medium
■ 17% new
Only 2 funds (11%) 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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Buying through price weakness — shares -11%, value -99%
Last quarter: funds added -11% more shares while total portfolio value only changed -99%. 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
2 → 2 → 3 → 3 → 1 new funds/Q
New funds entering each quarter: 2 → 3 → 3 → 1. DTSQR is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Mixed cohorts — 17% veterans, 28% new entrants
■ 17% veterans
■ 56% 1-2yr
■ 28% new
Of 18 current holders: 3 (17%) held 2+ years, 10 held 1–2 years, 5 (28%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Smaller funds dominant — 6% AUM from top-100
6% from top-100 AUM funds
2 of 18 holders rank in the top 100 by AUM, but together hold only 6% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.