Based on 11 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added VLN/WS 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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High ownership — 79% of 3.0Y peak
79% of all-time peak
11 funds currently hold this stock — 79% of the 3.0-year high of 14 funds (reached 2024 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 15% fewer funds vs a year ago
fund count last 6Q
2 fewer hedge funds hold VLN/WS compared to a year ago (-15% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More buyers than sellers — 60% buying
3 buying2 selling
Last quarter: 3 funds were net buyers (3 opened a brand new position + 0 added to an existing one). Only 2 were sellers (0 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 0 → 1 → 2 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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64% of holders stayed for 2+ years
■ 64% conviction (2yr+)
■ 9% medium
■ 27% new
7 out of 11 hedge funds have held VLN/WS 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 +22%, value -5%
Last quarter: funds added +22% more shares while total portfolio value only changed -5%. 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 — ~3 new funds/quarter
3 → 0 → 1 → 2 → 3 new funds/Q
New funds entering each quarter: 0 → 1 → 2 → 3. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 73% veterans vs 18% newcomers
■ 73% veterans
■ 9% 1-2yr
■ 18% new
Entry-cohort mix of 11 holders: 8 (73%) are 2+ year veterans, 1 entered 1–2 years ago, and 2 (18%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 9% AUM from top-100
9% from top-100 AUM funds
1 of 11 holders rank in the top 100 by AUM, but together hold only 9% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.