Based on 117 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 7 quarters in a row
For 7 consecutive quarters, more hedge funds added VCEB 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
117 hedge funds hold VCEB 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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Fast accumulation — +38% more funds vs a year ago
fund count last 6Q
+32 new funds entered over the past year (+38% 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.
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More buyers than sellers — 77% buying
82 buying24 selling
Last quarter: 82 funds were net buyers (23 opened a brand new position + 59 added to an existing one). Only 24 were sellers (22 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+11 vs last Q)
new funds entering per quarter
Funds opening a new VCEB position: 12 → 11 → 12 → 23. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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Mixed — 38% long-term, 31% new
■ 38% conviction (2yr+)
■ 32% medium
■ 31% new
Of the 117 current holders: 44 (38%) held >2 years, 37 held 1–2 years, and 36 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.
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Acceleration phase — new buyers rushing in
16 → 12 → 11 → 12 → 23 new funds/Q
New funds entering each quarter: 12 → 11 → 12 → 23. 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.
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Mixed cohorts — 38% veterans, 41% new entrants
■ 38% veterans
■ 21% 1-2yr
■ 41% new
Of 117 current holders: 45 (38%) held 2+ years, 24 held 1–2 years, 48 (41%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 41% AUM from top-100 funds
41% from top-100 AUM funds
12 of 117 holders are among the 100 largest funds by AUM, controlling 41% of total institutional value in VCEB. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.1
out of 10
Moderate Exit Risk
Exit risk score 4.1/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.