Based on 90 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 6 quarters in a row
For 6 consecutive quarters, more hedge funds added NC 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
90 hedge funds hold NC 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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Fast accumulation — +36% more funds vs a year ago
fund count last 6Q
+24 new funds entered over the past year (+36% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
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Slight buying edge — 55% buying
41 buying33 selling
Last quarter: 41 funds bought or added vs 33 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 — ~14 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 9 → 5 → 16 → 14. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 13% medium
■ 23% new
57 out of 90 hedge funds have held NC 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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Growing discovery — still being found
8 → 9 → 5 → 16 → 14 new funds/Q
New funds entering each quarter: 9 → 5 → 16 → 14. A growing number of institutions are discovering NC each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 63% veterans vs 28% newcomers
■ 63% veterans
■ 9% 1-2yr
■ 28% new
Entry-cohort mix of 90 holders: 57 (63%) are 2+ year veterans, 8 entered 1–2 years ago, and 25 (28%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 40% AUM from top-100 funds
40% from top-100 AUM funds
28 of 90 holders are among the 100 largest funds by AUM, controlling 40% of total institutional value in NC. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.1
out of 10
Moderate Exit Risk
Exit risk score 4.1/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.