Based on 630 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added VSS 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 (100% of max)
100% of all-time peak
630 hedge funds hold VSS 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 — +6% more funds vs a year ago
fund count last 6Q
+38 new funds entered over the past year (+6% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 53% buying
300 buying264 selling
Last quarter: 300 funds bought or added vs 264 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.
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Steady new buyers — ~65 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 58 → 64 → 64 → 65. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 18% medium
■ 14% new
423 out of 630 hedge funds have held VSS 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 — ~65 new funds/quarter
64 → 58 → 64 → 64 → 65 new funds/Q
New funds entering each quarter: 58 → 64 → 64 → 65. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 67% of holders stayed 2+ years
■ 67% veterans
■ 13% 1-2yr
■ 19% new
Of 632 current holders: 425 (67%) 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 — 18% AUM from top-100
18% from top-100 AUM funds
27 of 630 holders rank in the top 100 by AUM, but together hold only 18% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.