Based on 14 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added NCL 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
14 hedge funds hold NCL right now — the highest count in 2.8 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.
📶
Steady growth — +8% more funds vs a year ago
fund count last 6Q
+1 new funds entered over the past year (+8% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 73% buying
11 buying4 selling
Last quarter: 11 funds were net buyers (9 opened a brand new position + 2 added to an existing one). Only 4 were sellers (2 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new NCL position: 2 → 2 → 2 → 9. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔄
Mostly new holders — 50% entered in last year
■ 0% conviction (2yr+)
■ 50% medium
■ 50% new
Only 0 funds (0%) 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.
💰
Value +199% but shares only +182% — price-driven
Last quarter: the total dollar value of institutional holdings rose +199%, but actual share count only changed +182%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
➡️
Steady discovery — ~9 new funds/quarter
9 → 2 → 2 → 2 → 9 new funds/Q
New funds entering each quarter: 2 → 2 → 2 → 9. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 36% veterans, 50% new entrants
■ 36% veterans
■ 14% 1-2yr
■ 50% new
Of 14 current holders: 5 (36%) held 2+ years, 2 held 1–2 years, 7 (50%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 49% AUM from top-100 funds
49% from top-100 AUM funds
4 of 14 holders are among the 100 largest funds by AUM, controlling 49% of total institutional value in NCL. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.2
out of 10
Moderate Exit Risk
Exit risk score 4.2/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.