Based on 225 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 11 quarters in a row
For 11 consecutive quarters, more hedge funds added VTES 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
225 hedge funds hold VTES 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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Fast accumulation — +76% more funds vs a year ago
fund count last 6Q
+97 new funds entered over the past year (+76% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 76% buying
158 buying49 selling
Last quarter: 158 funds were net buyers (50 opened a brand new position + 108 added to an existing one). Only 49 were sellers (33 trimmed + 16 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+22 vs last Q)
new funds entering per quarter
Funds opening a new VTES position: 27 → 48 → 28 → 50. 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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Mostly new holders — 44% entered in last year
■ 17% conviction (2yr+)
■ 39% medium
■ 44% new
Only 38 funds (17%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
➡️
Steady discovery — ~50 new funds/quarter
45 → 27 → 48 → 28 → 50 new funds/Q
New funds entering each quarter: 27 → 48 → 28 → 50. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 65% of holders entered in last year
■ 10% veterans
■ 24% 1-2yr
■ 65% new
Of 225 current holders: 147 (65%) entered in the past year, only 23 (10%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
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Smaller funds dominant — 11% AUM from top-100
11% from top-100 AUM funds
11 of 225 holders rank in the top 100 by AUM, but together hold only 11% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.9
out of 10
Moderate Exit Risk
Exit risk score 4.9/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.