Based on 17 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their NE/WS/A 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 — 81% of 3.0Y peak
81% of all-time peak
17 funds currently hold this stock — 81% of the 3.0-year high of 21 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 11% fewer funds vs a year ago
fund count last 6Q
2 fewer hedge funds hold NE/WS/A compared to a year ago (-11% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 46% buying
6 buying7 selling
Last quarter: 7 funds reduced or exited vs 6 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.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 5 → 3 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
71% of holders stayed for 2+ years
■ 71% conviction (2yr+)
■ 6% medium
■ 24% new
12 out of 17 hedge funds have held NE/WS/A 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 (+222% value, -2% shares)
Last quarter: total value of institutional NE/WS/A holdings rose +222% even though funds reduced share count by 2%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
📊
Peak discovery — momentum slowing
1 → 1 → 5 → 3 → 1 new funds/Q
New funds entering each quarter: 1 → 5 → 3 → 1. NE/WS/A is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Deep conviction — 71% of holders stayed 2+ years
■ 71% veterans
■ 12% 1-2yr
■ 18% new
Of 17 current holders: 12 (71%) 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.
🏆
Elite ownership — 62% AUM from top-100 funds
62% from top-100 AUM funds
7 of 17 holders are among the 100 largest funds by AUM, controlling 62% of total institutional value in NE/WS/A. 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 2.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.