Based on 373 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added BLV 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
373 hedge funds hold BLV 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.
📶
Steady growth — +10% more funds vs a year ago
fund count last 6Q
+34 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.
🟢
More buyers than sellers — 62% buying
233 buying141 selling
Last quarter: 233 funds were net buyers (67 opened a brand new position + 166 added to an existing one). Only 141 were sellers (100 trimmed + 41 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+13 vs last Q)
new funds entering per quarter
Funds opening a new BLV position: 38 → 37 → 54 → 67. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
55% of holders stayed for 2+ years
■ 55% conviction (2yr+)
■ 26% medium
■ 18% new
207 out of 373 hedge funds have held BLV 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.
🚀
Acceleration phase — new buyers rushing in
46 → 38 → 37 → 54 → 67 new funds/Q
New funds entering each quarter: 38 → 37 → 54 → 67. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️
Deep conviction — 60% of holders stayed 2+ years
■ 60% veterans
■ 15% 1-2yr
■ 25% new
Of 376 current holders: 224 (60%) 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.
🏆
Elite ownership — 48% AUM from top-100 funds
48% from top-100 AUM funds
20 of 373 holders are among the 100 largest funds by AUM, controlling 48% of total institutional value in BLV. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.