Based on 145 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added VRIG 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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At the ownership peak (99% of max)
99% of all-time peak
145 hedge funds hold VRIG 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.
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Steady growth — +19% more funds vs a year ago
fund count last 6Q
+23 new funds entered over the past year (+19% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 61% buying
89 buying56 selling
Last quarter: 89 funds were net buyers (22 opened a brand new position + 67 added to an existing one). Only 56 were sellers (40 trimmed + 16 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+12 vs last Q)
new funds entering per quarter
Funds opening a new VRIG position: 31 → 21 → 10 → 22. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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47% of holders stayed for 2+ years
■ 47% conviction (2yr+)
■ 31% medium
■ 22% new
68 out of 145 hedge funds have held VRIG 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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Peak discovery — momentum slowing
23 → 31 → 21 → 10 → 22 new funds/Q
New funds entering each quarter: 31 → 21 → 10 → 22. VRIG is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Deep conviction — 50% of holders stayed 2+ years
■ 50% veterans
■ 17% 1-2yr
■ 33% new
Of 145 current holders: 73 (50%) 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.
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Elite ownership — 60% AUM from top-100 funds
60% from top-100 AUM funds
11 of 145 holders are among the 100 largest funds by AUM, controlling 60% of total institutional value in VRIG. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.