I too am a long-term investor, so at least you aren't totally alone in that category. I've been watching this ETF (I have my IRA with Vanguard) and waiting for a decent dip, but as you say: ...continues to surprise to the upside.... Is this as good a time as any to enter with a small position or do you think there will be a pullback before it goes higher? What do you see on its near term horizon?
I wish I had an answer for you on timing. I just reviewed all my potential buy lists and every single item is at or near a 52-week high. I do have some cash I'm holding, and as I'm reasonably fully invested in equities at my target allocation, I'm going to wait for buying opportunities. Patience is a tough master! Good luck. p.s. I would add to VNQI on a good pullback.
VNQI backed off its highs then stabilized. Pricing a buy point on x-amount of pullback is tough to call. Perhaps the best tactic would be to average in during price declines. I consider VNQI valuable to my portfolio for its dividends but, even more important, for the allocation diversification it provides via international real estate.