Based on 145 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 BVS 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
145 hedge funds hold BVS 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding BVS is almost the same as a year ago (+1 funds, +1% change). No significant rush to buy or sell — institutional backing is holding steady.
🟢
More buyers than sellers — 63% buying
87 buying51 selling
Last quarter: 87 funds were net buyers (28 opened a brand new position + 59 added to an existing one). Only 51 were sellers (38 trimmed + 13 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~28 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 19 → 20 → 24 → 28. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
42% of holders stayed for 2+ years
■ 42% conviction (2yr+)
■ 36% medium
■ 22% new
61 out of 145 hedge funds have held BVS 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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Growing discovery — still being found
29 → 19 → 20 → 24 → 28 new funds/Q
New funds entering each quarter: 19 → 20 → 24 → 28. A growing number of institutions are discovering BVS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 53% of holders stayed 2+ years
■ 53% veterans
■ 18% 1-2yr
■ 29% new
Of 146 current holders: 77 (53%) 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.
✅
Strong quality — 20% AUM from major funds
20% from top-100 AUM funds
28 of 145 holders rank in the top 100 by AUM, accounting for 20% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.