Based on 24 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their VPC positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 86% of 3.0Y peak
86% of all-time peak
24 funds currently hold this stock — 86% of the 3.0-year high of 28 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 11% fewer funds vs a year ago
fund count last 6Q
3 fewer hedge funds hold VPC compared to a year ago (-11% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 52% buying
14 buying13 selling
Last quarter: 14 funds bought or added vs 13 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 7 → 4 → 6 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 38% long-term, 29% new
■ 38% conviction (2yr+)
■ 33% medium
■ 29% new
Of the 24 current holders: 9 (38%) held >2 years, 8 held 1–2 years, and 7 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.
💰
Price up while funds trimmed (+657% value, -6% shares)
Last quarter: total value of institutional VPC holdings rose +657% even though funds reduced share count by 6%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
📊
Peak discovery — momentum slowing
6 → 7 → 4 → 6 → 3 new funds/Q
New funds entering each quarter: 7 → 4 → 6 → 3. VPC is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Deep conviction — 42% of holders stayed 2+ years
■ 42% veterans
■ 29% 1-2yr
■ 29% new
Of 24 current holders: 10 (42%) 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.
📋
Smaller funds dominant — 1% AUM from top-100
1% from top-100 AUM funds
6 of 24 holders rank in the top 100 by AUM, but together hold only 1% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.