Based on 13 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their KVAC positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 33% of 2.8Y high
33% of all-time peak
Only 13 funds hold KVAC today versus a peak of 39 funds at 2023 Q4 — just 33% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 38% fewer funds vs a year ago
fund count last 6Q
8 fewer hedge funds hold KVAC compared to a year ago (-38% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 25% buying
5 buying15 selling
Last quarter: 15 funds sold vs only 5 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 3 → 0 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 31% long-term, 31% new
■ 31% conviction (2yr+)
■ 38% medium
■ 31% new
Of the 13 current holders: 4 (31%) held >2 years, 5 held 1–2 years, and 4 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
📊
Peak discovery — momentum slowing
4 → 2 → 3 → 0 → 3 new funds/Q
New funds entering each quarter: 2 → 3 → 0 → 3. KVAC is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
📊
Mixed cohorts — 23% veterans, 54% new entrants
■ 23% veterans
■ 23% 1-2yr
■ 54% new
Of 13 current holders: 3 (23%) held 2+ years, 3 held 1–2 years, 7 (54%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
📋
Smaller funds dominant — 2% AUM from top-100
2% from top-100 AUM funds
4 of 12 holders rank in the top 100 by AUM, but together hold only 2% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.