Based on 12 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added DUG than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
12 hedge funds hold DUG right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
🚀
Fast accumulation — +100% more funds vs a year ago
fund count last 6Q
+6 new funds entered over the past year (+100% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
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Slight buying edge — 57% buying
8 buying6 selling
Last quarter: 8 funds bought or added vs 6 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 — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 0 → 3 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
50% of holders stayed for 2+ years
■ 50% conviction (2yr+)
■ 17% medium
■ 33% new
6 out of 12 hedge funds have held DUG 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.
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Value +219% but shares only +151% — price-driven
Last quarter: the total dollar value of institutional holdings rose +219%, but actual share count only changed +151%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Steady discovery — ~6 new funds/quarter
0 → 3 → 0 → 3 → 6 new funds/Q
New funds entering each quarter: 3 → 0 → 3 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 73% veterans vs 20% newcomers
■ 73% veterans
■ 7% 1-2yr
■ 20% new
Entry-cohort mix of 15 holders: 11 (73%) are 2+ year veterans, 1 entered 1–2 years ago, and 3 (20%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 48% AUM from top-100 funds
48% from top-100 AUM funds
3 of 12 holders are among the 100 largest funds by AUM, controlling 48% of total institutional value in DUG. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.7
out of 10
Moderate Exit Risk
Exit risk score 4.7/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.