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
↑ +40
Streak
5Q ▲
Buyers last Q
43%

Smart Money Signals — GDX

Based on 1192 hedge funds · latest filing: 2026 Q1 · updated quarterly

📈

Buying streak — 5 quarters in a row

last 6Q
For 5 consecutive quarters, more hedge funds added GDX 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
1,192 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 — +34% more funds vs a year ago

fund count last 6Q
+304 new funds entered over the past year (+34% 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 — 43% buying

499 buying652 selling
Last quarter: 652 funds reduced or exited vs 499 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 (-30 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 149 → 210 → 195 → 165. 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.
🔒

55% of holders stayed for 2+ years

■ 55% conviction (2yr+) ■ 21% medium ■ 25% new
651 out of 1,192 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.
➡️

Steady discovery — ~165 new funds/quarter

161 → 149 → 210 → 195 → 165 new funds/Q
New funds entering each quarter: 149 → 210 → 195 → 165. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️

Deep conviction — 61% of holders stayed 2+ years

■ 61% veterans ■ 11% 1-2yr ■ 28% new
Of 1,290 current holders: 786 (61%) 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 — 59% AUM from top-100 funds

59% from top-100 AUM funds
46 of 1192 holders are among the 100 largest funds by AUM, controlling 59% 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.
4.4
out of 10
Moderate Exit Risk
Exit risk score 4.4/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.

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 Q1, 499 hedge funds were net buyers of GDX (165 opened a new position, 334 added to an existing one), while 652 reduced or exited (527 trimmed, 125 sold completely) — a 43% buyer ratio, indicating roughly balanced activity. This marks 5 consecutive quarters of net institutional buying — a persistent conviction signal. 59% of total institutional value in GDX is held by top-100 AUM funds, reflecting elite-tier ownership quality. Net fund flow last quarter: +40 funds (more new holders than closures). Total institutional holders: 1192.

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

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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 Q1 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 March 31, 2026 · 74d ago
GDX
-15.3%
SPY
+14.1%

GDX outperformed SPY by -29.4% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 29d ago
GDX
-11.0%
SPY
+0.3%

Since the filing became public, GDX outperformed SPY by -11.3% .

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.

52 top-rated funds 42 high-conviction
Consensus
7.5
/ 10
breadth
×
Elite
6.0
/ 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 Q1) Prior (2025 Q4) Change
Funds Holding 1182 1152 2.6%
13F Shares 292M 316M -7.53%
Total Value $26.87B $27.20B -1.23%
New Positions 160 195 -35
Increased Positions 311 349 -38
Closed Positions 130 98 +32
Reduced Positions 495 433 +62
Total Calls 63 54 16.67%
Total Puts 52 49 6.12%
PUT/CALL Ratio 0.83 0.91 Neutral

Statistics: GDX

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Institutional Holders (2026 Q1)

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 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Rit Capital Partners plc 23.59% 962,000 $88.3M
2 Forest Hill Capital, LLC 16.72% 277,500 $25.5M
3 Vanderbilt University 10.12% 580,400 $53.3M
4 Panview Capital Ltd 9.39% 478,146 $43.9M
5 CMC Financial Group 8.49% 47,187 $4.3M
6 Madrid Financial Services 8.13% 150,082 $13.8M
7 III Capital Management 7.21% 270,584 $24.8M
8 Grand Central Investment Group 7.20% 106,080 $9.7M
9 Piedmont Capital Management, LLC 7.09% 147,996 $13.9M
10 Northeast Planning Associates, INC. / Nh / 6.78% 110,059 $10.1M
11 Avalon Capital Management 6.53% 251,945 $23.1M
12 New Harbor Financial Group, LLC 6.49% 401,396 $36.8M
13 ARP Global Capital Ltd 6.47% 120,000 $11.0M
14 Cultivar Capital, INC. 5.58% 95,086 $8.7M
15 Drum Hill Capital, LLC 5.46% 64,748 $5.9M
16 Graham Capital Management, L.P. 5.14% 2,320,000 $212.9M
17 Sava Penzisko Drushtvo A.D. Skopje 4.99% 178,205 $16.4M
18 Tandem Financial, LLC 4.89% 167,482 $15.4M
19 Barry Investment Advisors, LLC 4.81% 237,556 $21.8M
20 Ws Management Lllp 4.79% 591,367 $54.3M
21 LSP Investment Advisors, LLC 4.70% 70,500 $6.5M
22 Fielder Capital Group LLC 4.42% 220,903 $20.3M
23 Point Nemo Capital, LLC 4.34% 71,738 $6.6M
24 Evelyn Partners Asset Management Ltd 4.20% 185,577 $17.0M
25 Rhodes Investment Advisors Inc /Adv 4.15% 59,744 $5.1M
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?

Buying streak — 5 quarters in a row: For 5 consecutive quarters, more hedge funds added GDX 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.

What is the institutional breadth score for GDX?

More sellers than buyers — 43% buying: Last quarter: 652 funds reduced or exited vs 499 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 — 59% AUM from top-100 funds: 46 of 1192 holders are among the 100 largest funds by AUM, controlling 59% 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?

55% of holders stayed for 2+ years: 651 out of 1,192 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 Q1 hedge fund 13F filings?

As of today, GDX has moved -11.0% since the 2026 Q1 13F filing date (May 15, 2026), compared to +0.3% for the SPY sector ETF — an outperformance of -11.3%. Since the quarter end (March 31, 2026), GDX has gained -15.3% vs +14.1% 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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