Based on 60 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 VHI 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.
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At the ownership peak (97% of max)
97% of all-time peak
60 hedge funds hold VHI 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 VHI is almost the same as a year ago (+0 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
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More sellers than buyers — 43% buying
22 buying29 selling
Last quarter: 29 funds reduced or exited vs 22 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.
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Steady new buyers — ~8 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 6 → 3 → 9 → 8. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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65% of holders stayed for 2+ years
■ 65% conviction (2yr+)
■ 27% medium
■ 8% new
39 out of 60 hedge funds have held VHI 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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Buying through price weakness — shares -4%, value -27%
Last quarter: funds added -4% more shares while total portfolio value only changed -27%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Steady discovery — ~8 new funds/quarter
7 → 6 → 3 → 9 → 8 new funds/Q
New funds entering each quarter: 6 → 3 → 9 → 8. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 72% of holders stayed 2+ years
■ 72% veterans
■ 15% 1-2yr
■ 13% new
Of 60 current holders: 43 (72%) 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.
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Strong quality — 23% AUM from major funds
23% from top-100 AUM funds
18 of 60 holders rank in the top 100 by AUM, accounting for 23% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.