Based on 28 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their VACH positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 62% of 3.0Y high
62% of all-time peak
Only 28 funds hold VACH today versus a peak of 45 funds at 2024 Q4 — just 62% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 32% fewer funds vs a year ago
fund count last 6Q
13 fewer hedge funds hold VACH compared to a year ago (-32% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 21% buying
6 buying23 selling
Last quarter: 23 funds sold vs only 6 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 9 → 4 → 3 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 18% entered in last year
■ 4% conviction (2yr+)
■ 79% medium
■ 18% new
Only 1 funds (4%) 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.
⚠️
Saturation — most institutions already know this story
4 → 9 → 4 → 3 → 3 new funds/Q
New funds entering each quarter: 9 → 4 → 3 → 3. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
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Mixed cohorts — 4% veterans, 36% new entrants
■ 4% veterans
■ 61% 1-2yr
■ 36% new
Of 28 current holders: 1 (4%) held 2+ years, 17 held 1–2 years, 10 (36%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Smaller funds dominant — 14% AUM from top-100
14% from top-100 AUM funds
5 of 28 holders rank in the top 100 by AUM, but together hold only 14% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.