Based on 13 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 VSMAX 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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High ownership — 87% of 3.0Y peak
87% of all-time peak
13 funds currently hold this stock — 87% of the 3.0-year high of 15 funds (reached 2024 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 7% fewer funds vs a year ago
fund count last 6Q
1 fewer hedge funds hold VSMAX compared to a year ago (-7% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More buyers than sellers — 64% buying
7 buying4 selling
Last quarter: 7 funds were net buyers (3 opened a brand new position + 4 added to an existing one). Only 4 were sellers (3 trimmed + 1 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 3 → 4 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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46% of holders stayed for 2+ years
■ 46% conviction (2yr+)
■ 31% medium
■ 23% new
6 out of 13 hedge funds have held VSMAX 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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Steady discovery — ~3 new funds/quarter
1 → 5 → 3 → 4 → 3 new funds/Q
New funds entering each quarter: 5 → 3 → 4 → 3. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 46% of holders stayed 2+ years
■ 46% veterans
■ 31% 1-2yr
■ 23% new
Of 13 current holders: 6 (46%) 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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Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
0 of 13 holders rank in the top 100 by AUM, but together hold only 0% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.