Based on 54 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added QD 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.
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At the ownership peak (100% of max)
100% of all-time peak
54 hedge funds hold QD 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.
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Steady growth — +10% more funds vs a year ago
fund count last 6Q
+5 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.
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More sellers than buyers — 45% buying
23 buying28 selling
Last quarter: 28 funds reduced or exited vs 23 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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Steady new buyers — ~10 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 9 → 5 → 8 → 10. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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72% of holders stayed for 2+ years
■ 72% conviction (2yr+)
■ 7% medium
■ 20% new
39 out of 54 hedge funds have held QD 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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Buying through price weakness — shares -6%, value -22%
Last quarter: funds added -6% more shares while total portfolio value only changed -22%. 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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Steady discovery — ~10 new funds/quarter
8 → 9 → 5 → 8 → 10 new funds/Q
New funds entering each quarter: 9 → 5 → 8 → 10. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 79% of holders stayed 2+ years
■ 79% veterans
■ 5% 1-2yr
■ 16% new
Of 57 current holders: 45 (79%) 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.
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Elite ownership — 67% AUM from top-100 funds
67% from top-100 AUM funds
11 of 54 holders are among the 100 largest funds by AUM, controlling 67% of total institutional value in QD. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.