Based on 50 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their NANC 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 — 93% of 1.5Y peak
93% of all-time peak
50 funds currently hold this stock — 93% of the 1.5-year high of 54 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +9% more funds vs a year ago
fund count last 6Q
+4 new funds entered over the past year (+9% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction. The peak was reached in just 3 quarters from the low — a sharp move.
🟡
Slight buying edge — 52% buying
22 buying20 selling
Last quarter: 22 funds bought or added vs 20 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️
Steady new buyers — ~9 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 10 → 13 → 10 → 9. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 24% entered in last year
■ 2% conviction (2yr+)
■ 74% medium
■ 24% new
Only 1 funds (2%) 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.
💎
Buying through price weakness — shares +22%, value -17%
Last quarter: funds added +22% more shares while total portfolio value only changed -17%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊
Peak discovery — momentum slowing
16 → 10 → 13 → 10 → 9 new funds/Q
New funds entering each quarter: 10 → 13 → 10 → 9. NANC is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
📊
Mixed cohorts — 0% veterans, 50% new entrants
■ 0% veterans
■ 50% 1-2yr
■ 50% new
Of 50 current holders: 0 (0%) held 2+ years, 25 held 1–2 years, 25 (50%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 45% AUM from top-100 funds
45% from top-100 AUM funds
8 of 50 holders are among the 100 largest funds by AUM, controlling 45% of total institutional value in NANC. 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 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.