Based on 35 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their VGAS positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 81% of 3.0Y peak
81% of all-time peak
35 funds currently hold this stock — 81% of the 3.0-year high of 43 funds (reached 2026 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding VGAS is almost the same as a year ago (-1 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
🟠
More sellers than buyers — 45% buying
21 buying26 selling
Last quarter: 26 funds reduced or exited vs 21 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️
Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 9 → 0 → 15 → 8. 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.
📌
Mixed — 34% long-term, 40% new
■ 34% conviction (2yr+)
■ 26% medium
■ 40% new
Of the 35 current holders: 12 (34%) held >2 years, 9 held 1–2 years, and 14 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💎
Buying through price weakness — shares -16%, value -91%
Last quarter: funds added -16% more shares while total portfolio value only changed -91%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~8 new funds/quarter
4 → 9 → 0 → 15 → 8 new funds/Q
New funds entering each quarter: 9 → 0 → 15 → 8. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 40% veterans vs 46% newcomers
■ 40% veterans
■ 14% 1-2yr
■ 46% new
Entry-cohort mix of 35 holders: 14 (40%) are 2+ year veterans, 5 entered 1–2 years ago, and 16 (46%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 14% AUM from top-100
14% from top-100 AUM funds
14 of 35 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 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.