Based on 162 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added VTWV 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
162 hedge funds hold VTWV 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 — +7% more funds vs a year ago
fund count last 6Q
+11 new funds entered over the past year (+7% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 66% buying
86 buying44 selling
Last quarter: 86 funds were net buyers (25 opened a brand new position + 61 added to an existing one). Only 44 were sellers (36 trimmed + 8 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+11 vs last Q)
new funds entering per quarter
Funds opening a new VTWV position: 12 → 11 → 14 → 25. 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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58% of holders stayed for 2+ years
■ 58% conviction (2yr+)
■ 21% medium
■ 21% new
94 out of 162 hedge funds have held VTWV 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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Acceleration phase — new buyers rushing in
24 → 12 → 11 → 14 → 25 new funds/Q
New funds entering each quarter: 12 → 11 → 14 → 25. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Deep conviction — 60% of holders stayed 2+ years
■ 60% veterans
■ 13% 1-2yr
■ 27% new
Of 162 current holders: 97 (60%) 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.
✅
Strong quality — 38% AUM from major funds
38% from top-100 AUM funds
19 of 162 holders rank in the top 100 by AUM, accounting for 38% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.