Based on 67 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added NMCO 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
67 hedge funds hold NMCO 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding NMCO is almost the same as a year ago (+0 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
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More buyers than sellers — 66% buying
43 buying22 selling
Last quarter: 43 funds were net buyers (20 opened a brand new position + 23 added to an existing one). Only 22 were sellers (13 trimmed + 9 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+13 vs last Q)
new funds entering per quarter
Funds opening a new NMCO position: 6 → 12 → 7 → 20. 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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45% of holders stayed for 2+ years
■ 45% conviction (2yr+)
■ 24% medium
■ 31% new
30 out of 67 hedge funds have held NMCO 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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Buying through price weakness — shares -10%, value -94%
Last quarter: funds added -10% more shares while total portfolio value only changed -94%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
19 → 6 → 12 → 7 → 20 new funds/Q
New funds entering each quarter: 6 → 12 → 7 → 20. A growing number of institutions are discovering NMCO each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 48% of holders stayed 2+ years
■ 48% veterans
■ 16% 1-2yr
■ 36% new
Of 67 current holders: 32 (48%) 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.
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Elite ownership — 50% AUM from top-100 funds
50% from top-100 AUM funds
7 of 67 holders are among the 100 largest funds by AUM, controlling 50% of total institutional value in NMCO. 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 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.