Based on 55 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added VFL 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
55 hedge funds hold VFL 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 — +20% more funds vs a year ago
fund count last 6Q
+9 new funds entered over the past year (+20% 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 — 63% buying
26 buying15 selling
Last quarter: 26 funds were net buyers (9 opened a brand new position + 17 added to an existing one). Only 15 were sellers (9 trimmed + 6 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~9 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 8 → 9 → 12 → 9. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 20% medium
■ 20% new
33 out of 55 hedge funds have held VFL 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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Steady discovery — ~9 new funds/quarter
3 → 8 → 9 → 12 → 9 new funds/Q
New funds entering each quarter: 8 → 9 → 12 → 9. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 69% veterans vs 20% newcomers
■ 69% veterans
■ 11% 1-2yr
■ 20% new
Entry-cohort mix of 55 holders: 38 (69%) are 2+ year veterans, 6 entered 1–2 years ago, and 11 (20%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 11% AUM from top-100
11% from top-100 AUM funds
8 of 55 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.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.