Based on 276 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
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
276 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.
🚀
Fast accumulation — +84% more funds vs a year ago
fund count last 6Q
+126 new funds entered over the past year (+84% 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 — 74% buying
182 buying64 selling
Last quarter: 182 funds were net buyers (53 opened a brand new position + 129 added to an existing one). Only 64 were sellers (48 trimmed + 16 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~53 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 50 → 30 → 55 → 53. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 42% entered in last year
■ 17% conviction (2yr+)
■ 42% medium
■ 42% new
Only 46 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.
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Growing discovery — still being found
27 → 50 → 30 → 55 → 53 new funds/Q
New funds entering each quarter: 50 → 30 → 55 → 53. A growing number of institutions are discovering VTES each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🌱
Early stage — 58% of holders entered in last year
■ 16% veterans
■ 25% 1-2yr
■ 58% new
Of 276 current holders: 161 (58%) entered in the past year, only 45 (16%) 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 — 13% AUM from top-100
13% from top-100 AUM funds
15 of 276 holders rank in the top 100 by AUM, but together hold only 13% 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.