Based on 205 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added VRE 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
205 hedge funds hold VRE 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 — +16% more funds vs a year ago
fund count last 6Q
+28 new funds entered over the past year (+16% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 53% buying
102 buying90 selling
Last quarter: 102 funds bought or added vs 90 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 — ~30 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 36 → 22 → 27 → 30. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 20% medium
■ 13% new
138 out of 205 hedge funds have held VRE 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 — ~30 new funds/quarter
22 → 36 → 22 → 27 → 30 new funds/Q
New funds entering each quarter: 36 → 22 → 27 → 30. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 72% of holders stayed 2+ years
■ 72% veterans
■ 14% 1-2yr
■ 14% new
Of 207 current holders: 149 (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.
🏆
Elite ownership — 43% AUM from top-100 funds
43% from top-100 AUM funds
34 of 205 holders are among the 100 largest funds by AUM, controlling 43% of total institutional value in VRE. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.