Based on 34 hedge funds · latest filing: 2008 Q3 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added NAPS 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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Below peak — only 64% of 3.0Y high
64% of all-time peak
Only 34 funds hold NAPS today versus a peak of 53 funds at 2007 Q1 — just 64% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 26% fewer funds vs a year ago
fund count last 6Q
12 fewer hedge funds hold NAPS compared to a year ago (-26% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 52% buying
17 buying16 selling
Last quarter: 17 funds bought or added vs 16 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.
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More new buyers each quarter (+8 vs last Q)
new funds entering per quarter
Funds opening a new NAPS position: 7 → 4 → 3 → 11. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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Price up while funds trimmed (+16% value, -31% shares)
Last quarter: total value of institutional NAPS holdings rose +16% even though funds reduced share count by 31%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Growing discovery — still being found
5 → 7 → 4 → 3 → 11 new funds/Q
New funds entering each quarter: 7 → 4 → 3 → 11. A growing number of institutions are discovering NAPS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
Exit risk score 1.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.