Based on 123 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 8 quarters in a row
For 8 consecutive quarters, more hedge funds added VPLS 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
123 hedge funds hold VPLS right now — the highest count in 2.2 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.
🚀
Fast accumulation — +156% more funds vs a year ago
fund count last 6Q
+75 new funds entered over the past year (+156% 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.
🟢
More buyers than sellers — 85% buying
105 buying18 selling
Last quarter: 105 funds were net buyers (39 opened a brand new position + 66 added to an existing one). Only 18 were sellers (8 trimmed + 10 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+15 vs last Q)
new funds entering per quarter
Funds opening a new VPLS position: 24 → 18 → 24 → 39. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔄
Mostly new holders — 55% entered in last year
■ 1% conviction (2yr+)
■ 44% medium
■ 55% new
Only 1 funds (1%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
📈
Growing discovery — still being found
20 → 24 → 18 → 24 → 39 new funds/Q
New funds entering each quarter: 24 → 18 → 24 → 39. A growing number of institutions are discovering VPLS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🌱
Early stage — 76% of holders entered in last year
■ 0% veterans
■ 24% 1-2yr
■ 76% new
Of 123 current holders: 93 (76%) entered in the past year, only 0 (0%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
✅
Strong quality — 38% AUM from major funds
38% from top-100 AUM funds
8 of 123 holders rank in the top 100 by AUM, accounting for 38% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
5.7
out of 10
Moderate Exit Risk
Exit risk score 5.7/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.