Based on 2 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their VSA 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 29% of 3.0Y high
29% of all-time peak
Only 2 funds hold VSA today versus a peak of 7 funds at 2023 Q3 — just 29% 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.
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Outflows — 33% fewer funds vs a year ago
fund count last 6Q
1 fewer hedge funds hold VSA compared to a year ago (-33% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 20% buying
1 buying4 selling
Last quarter: 4 funds sold vs only 1 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~0 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 1 → 3 → 0. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Buying through price weakness — shares -75%, value -94%
Last quarter: funds added -75% more shares while total portfolio value only changed -94%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Steady discovery — ~0 new funds/quarter
1 → 1 → 1 → 3 → 0 new funds/Q
New funds entering each quarter: 1 → 1 → 3 → 0. Consistent flow of new institutional buyers without clear acceleration or slowdown.
Exit risk score 1.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.