Based on 35 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their VRM positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 40% of 3.0Y high
40% of all-time peak
Only 35 funds hold VRM today versus a peak of 87 funds at 2023 Q3 — just 40% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding VRM is almost the same as a year ago (+1 funds, +3% change). No significant rush to buy or sell — institutional backing is holding steady.
🔴
Heavy selling pressure — only 38% buying
17 buying28 selling
Last quarter: 28 funds sold vs only 17 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 10 → 3 → 13 → 6. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
46% of holders stayed for 2+ years
■ 46% conviction (2yr+)
■ 26% medium
■ 29% new
16 out of 35 hedge funds have held VRM 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.
💎
Buying through price weakness — shares -1%, value -43%
Last quarter: funds added -1% more shares while total portfolio value only changed -43%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~6 new funds/quarter
19 → 10 → 3 → 13 → 6 new funds/Q
New funds entering each quarter: 10 → 3 → 13 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 60% veterans vs 37% newcomers
■ 60% veterans
■ 3% 1-2yr
■ 37% new
Entry-cohort mix of 35 holders: 21 (60%) are 2+ year veterans, 1 entered 1–2 years ago, and 13 (37%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 6% AUM from top-100
6% from top-100 AUM funds
13 of 35 holders rank in the top 100 by AUM, but together hold only 6% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 1.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.