Based on 9 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their NFXL positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 64% of 3.0Y high
64% of all-time peak
Only 9 funds hold NFXL today versus a peak of 14 funds at 2026 Q1 — just 64% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
📉
Outflows — 10% fewer funds vs a year ago
fund count last 6Q
1 fewer hedge funds hold NFXL compared to a year ago (-10% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 33% buying
5 buying10 selling
Last quarter: 10 funds sold vs only 5 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 8 → 6 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 56% entered in last year
■ 11% conviction (2yr+)
■ 33% medium
■ 56% new
Only 1 funds (11%) 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.
💎
Buying through price weakness — shares -54%, value -74%
Last quarter: funds added -54% more shares while total portfolio value only changed -74%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~3 new funds/quarter
4 → 1 → 8 → 6 → 3 new funds/Q
New funds entering each quarter: 1 → 8 → 6 → 3. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 67% of holders entered in last year
■ 11% veterans
■ 22% 1-2yr
■ 67% new
Of 9 current holders: 6 (67%) entered in the past year, only 1 (11%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
✅
Strong quality — 35% AUM from major funds
35% from top-100 AUM funds
3 of 9 holders rank in the top 100 by AUM, accounting for 35% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.