Based on 121 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added NECB 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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At the ownership peak (100% of max)
100% of all-time peak
121 hedge funds hold NECB 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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Steady growth — +12% more funds vs a year ago
fund count last 6Q
+13 new funds entered over the past year (+12% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 61% buying
63 buying41 selling
Last quarter: 63 funds were net buyers (22 opened a brand new position + 41 added to an existing one). Only 41 were sellers (29 trimmed + 12 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+12 vs last Q)
new funds entering per quarter
Funds opening a new NECB position: 14 → 18 → 10 → 22. 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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46% of holders stayed for 2+ years
■ 46% conviction (2yr+)
■ 31% medium
■ 23% new
56 out of 121 hedge funds have held NECB 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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Steady discovery — ~22 new funds/quarter
16 → 14 → 18 → 10 → 22 new funds/Q
New funds entering each quarter: 14 → 18 → 10 → 22. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 50% veterans vs 30% newcomers
■ 50% veterans
■ 20% 1-2yr
■ 30% new
Entry-cohort mix of 121 holders: 61 (50%) are 2+ year veterans, 24 entered 1–2 years ago, and 36 (30%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 39% AUM from major funds
39% from top-100 AUM funds
37 of 121 holders rank in the top 100 by AUM, accounting for 39% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.