Based on 614 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 11 quarters in a row
For 11 consecutive quarters, more hedge funds added VPU 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
614 hedge funds hold VPU 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.
📶
Steady growth — +14% more funds vs a year ago
fund count last 6Q
+74 new funds entered over the past year (+14% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 62% buying
319 buying194 selling
Last quarter: 319 funds were net buyers (78 opened a brand new position + 241 added to an existing one). Only 194 were sellers (159 trimmed + 35 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+26 vs last Q)
new funds entering per quarter
Funds opening a new VPU position: 59 → 60 → 52 → 78. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
61% of holders stayed for 2+ years
■ 61% conviction (2yr+)
■ 22% medium
■ 16% new
376 out of 614 hedge funds have held VPU 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.
➡️
Steady discovery — ~78 new funds/quarter
78 → 59 → 60 → 52 → 78 new funds/Q
New funds entering each quarter: 59 → 60 → 52 → 78. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 62% of holders stayed 2+ years
■ 62% veterans
■ 16% 1-2yr
■ 22% new
Of 619 current holders: 386 (62%) 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.
✅
Strong quality — 39% AUM from major funds
39% from top-100 AUM funds
19 of 614 holders rank in the top 100 by AUM, accounting for 39% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.