Based on 1368 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 11 quarters in a row
For 11 consecutive quarters, more hedge funds added VCIT 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
1,368 hedge funds hold VCIT 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 — +19% more funds vs a year ago
fund count last 6Q
+214 new funds entered over the past year (+19% 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 — 64% buying
865 buying479 selling
Last quarter: 865 funds were net buyers (172 opened a brand new position + 693 added to an existing one). Only 479 were sellers (363 trimmed + 116 sold completely). A clear majority buying is a strong confirmation signal.
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Fewer new buyers each quarter (-34 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 110 → 126 → 206 → 172. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
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59% of holders stayed for 2+ years
■ 59% conviction (2yr+)
■ 20% medium
■ 21% new
810 out of 1,368 hedge funds have held VCIT 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
116 → 110 → 126 → 206 → 172 new funds/Q
New funds entering each quarter: 110 → 126 → 206 → 172. 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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Veteran-anchored — 62% veterans vs 23% newcomers
■ 62% veterans
■ 15% 1-2yr
■ 23% new
Entry-cohort mix of 1,373 holders: 849 (62%) are 2+ year veterans, 207 entered 1–2 years ago, and 317 (23%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 65% AUM from top-100 funds
65% from top-100 AUM funds
39 of 1364 holders are among the 100 largest funds by AUM, controlling 65% of total institutional value in VCIT. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.