Based on 97 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their NCMI 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 — 84% of 3.0Y peak
84% of all-time peak
97 funds currently hold this stock — 84% of the 3.0-year high of 115 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 16% fewer funds vs a year ago
fund count last 6Q
18 fewer hedge funds hold NCMI compared to a year ago (-16% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 48% buying
50 buying54 selling
Last quarter: 54 funds reduced or exited vs 50 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️
Fewer new buyers each quarter (-11 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 14 → 13 → 22 → 11. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
68% of holders stayed for 2+ years
■ 68% conviction (2yr+)
■ 23% medium
■ 9% new
66 out of 97 hedge funds have held NCMI 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.
💰
Price up while funds trimmed (+1454% value, -8% shares)
Last quarter: total value of institutional NCMI holdings rose +1454% even though funds reduced share count by 8%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
📈
Growing discovery — still being found
29 → 14 → 13 → 22 → 11 new funds/Q
New funds entering each quarter: 14 → 13 → 22 → 11. A growing number of institutions are discovering NCMI each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 77% of holders stayed 2+ years
■ 77% veterans
■ 11% 1-2yr
■ 11% new
Of 97 current holders: 75 (77%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
📋
Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
27 of 97 holders rank in the top 100 by AUM, but together hold only 0% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.