Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Vaneck ETF Trust (GDX)

1K + Investors. Track Smart Money conviction in GDX. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -51
Streak
1Q ▼
Buyers last Q
45%

Smart Money Signals — GDX

Based on 1144 hedge funds · latest filing: 2026 Q2 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds reduced or closed their GDX positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️

At the ownership peak (96% of max)

96% of all-time peak
1,144 hedge funds hold GDX 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 — +22% more funds vs a year ago

fund count last 6Q
+206 new funds entered over the past year (+22% 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.
🟠

More sellers than buyers — 45% buying

508 buying613 selling
Last quarter: 613 funds reduced or exited vs 508 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.
⚠️

Fewer new buyers each quarter (-38 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 210 → 197 → 165 → 127. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒

57% of holders stayed for 2+ years

■ 57% conviction (2yr+) ■ 24% medium ■ 19% new
652 out of 1,144 hedge funds have held GDX 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.
💎

Buying through price weakness — shares +17%, value -4%

Value
-4%
Shares
+16%
Last quarter: funds added +17% more shares while total portfolio value only changed -4%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊

Peak discovery — momentum slowing

150 → 210 → 197 → 165 → 127 new funds/Q
New funds entering each quarter: 210 → 197 → 165 → 127. GDX is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️

Veteran-anchored — 62% veterans vs 25% newcomers

■ 62% veterans ■ 12% 1-2yr ■ 25% new
Entry-cohort mix of 1,233 holders: 769 (62%) are 2+ year veterans, 153 entered 1–2 years ago, and 311 (25%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆

Elite ownership — 55% AUM from top-100 funds

55% from top-100 AUM funds
47 of 1124 holders are among the 100 largest funds by AUM, controlling 55% of total institutional value in GDX. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
3.8
out of 10
Low Exit Risk
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — GDX

In 2026 Q2, 508 hedge funds were net buyers of GDX (127 opened a new position, 381 added to an existing one), while 613 reduced or exited (435 trimmed, 178 sold completely) — a 45% buyer ratio, indicating roughly balanced activity. 55% of total institutional value in GDX is held by top-100 AUM funds, reflecting elite-tier ownership quality. Net fund flow last quarter: -51 funds (more exits than new entries). Total institutional holders: 1144.

Hedge Fund Ownership: GDX

How many hedge funds hold GDX — quarterly history vs. share price
Quarterly hedge fund ownership of GDX vs. share price

Market Analysis: GDX

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: GDX

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy Vaneck ETF Trust (GDX) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much GDX has moved relative to its sector benchmark (SPY) since the 2026 Q2 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End June 30, 2026 · 79d ago
GDX
+23.0%
SPY
+1.4%

GDX outperformed SPY by +21.6% since June 30, 2026.

Since 13F Filing Date August 14, 2026 · 34d ago
GDX
+3.1%
SPY
-2.4%

Since the filing became public, GDX outperformed SPY by +5.5% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Strong Institutional Conviction

Multiple high-quality funds hold meaningful positions with strong conviction.

41 top-rated funds 28 high-conviction
Consensus
7.0
/ 10
breadth
×
Elite
6.3
/ 10
conviction
Hedge Fund Positioning: GDX
1K + Investors

Track Smart Money conviction in GDX. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q2) Prior (2026 Q1) Change
Funds Holding 1114 1195 -6.78%
13F Shares 340M 292M 16.44%
Total Value $25.67B $26.88B -4.49%
New Positions 122 165 -43
Increased Positions 361 312 +49
Closed Positions 183 124 +59
Reduced Positions 397 501 -104
Total Calls 56 64 -12.5%
Total Puts 50 52 -3.85%
PUT/CALL Ratio 0.89 0.81 Neutral

Statistics: GDX

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Financial Highlights

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Institutional Holders (2026 Q2)

1K + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in GDX. Verified SEC 13F-HR filings.

QUARTER:
Top 25 GDX holders by conviction (% of portfolio weight) — 2026 Q2 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Gemsstock Ltd. 17.15% 767,100 $57.9M
2 Forest Hill Capital, LLC 16.11% 277,500 $20.9M
3 Vanderbilt University 10.67% 1,030,200 $77.7M
4 Rit Capital Partners plc 8.51% 700,000 $52.8M
5 Panview Capital Ltd 8.01% 602,946 $45.5M
6 Fore Capital, LLC 7.13% 320,000 $24.1M
7 Grand Central Investment Group 6.84% 108,332 $8.2M
8 CMC Financial Group 6.73% 46,000 $3.5M
9 Yong Rong (HK) Asset Management Ltd 6.36% 100,000 $7.5M
10 Madrid Financial Services 6.34% 158,703 $12.0M
11 Avalon Capital Management 5.90% 331,077 $25.0M
12 Northeast Planning Associates, INC. / Nh / 5.60% 107,936 $7.5M
13 Drum Hill Capital, LLC 5.40% 70,077 $5.3M
14 New Harbor Financial Group, LLC 4.89% 410,104 $30.9M
15 Nearwater Capital Markets, Ltd 4.62% 3,551,500 $268.0M
16 Cultivar Capital, INC. 4.52% 93,034 $7.0M
17 Tandem Financial, LLC 3.87% 170,681 $12.9M
18 Barry Investment Advisors, LLC 3.73% 236,269 $17.8M
19 Fielder Capital Group LLC 3.61% 220,903 $16.7M
20 LSP Investment Advisors, LLC 3.59% 51,832 $3.9M
21 Vima LLC 3.51% 47,770 $3.6M
22 Graham Capital Management, L.P. 3.45% 2,512,000 $189.5M
23 Richmond Investment Services, LLC 3.16% 132,416 $10.0M
24 Mader & Shannon Wealth Management, Inc. 3.15% 89,239 $6.7M
25 Guild Investment Management, Inc. 3.14% 60,858 $4.6M
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Vaneck ETF Trust (GDX)

What does the Smart Money Trend signal show for GDX?

Selling streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds reduced or closed their GDX positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for GDX?

More sellers than buyers — 45% buying: Last quarter: 613 funds reduced or exited vs 508 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.

What is the fund quality score for GDX holders?

Elite ownership — 55% AUM from top-100 funds: 47 of 1124 holders are among the 100 largest funds by AUM, controlling 55% of total institutional value in GDX. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.

How long have hedge funds held GDX?

57% of holders stayed for 2+ years: 652 out of 1,144 hedge funds have held GDX 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.

Is it too late to buy Vaneck ETF Trust (GDX) following the 2026 Q2 hedge fund 13F filings?

As of today, GDX has moved +3.1% since the 2026 Q2 13F filing date (August 14, 2026), compared to -2.4% for the SPY sector ETF — an outperformance of +5.5%. Since the quarter end (June 30, 2026), GDX has gained +23.0% vs +1.4% for SPY. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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