Based on 165 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added NMFC 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
165 hedge funds hold NMFC 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.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding NMFC is almost the same as a year ago (+1 funds, +1% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡
Slight buying edge — 50% buying
85 buying84 selling
Last quarter: 85 funds bought or added vs 84 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
📈
More new buyers each quarter (+22 vs last Q)
new funds entering per quarter
Funds opening a new NMFC position: 18 → 27 → 22 → 44. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
59% of holders stayed for 2+ years
■ 59% conviction (2yr+)
■ 19% medium
■ 22% new
98 out of 165 hedge funds have held NMFC 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.
📈
Growing discovery — still being found
28 → 18 → 27 → 22 → 44 new funds/Q
New funds entering each quarter: 18 → 27 → 22 → 44. A growing number of institutions are discovering NMFC each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 65% of holders stayed 2+ years
■ 65% veterans
■ 10% 1-2yr
■ 25% new
Of 166 current holders: 108 (65%) 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.
✅
Strong quality — 25% AUM from major funds
25% from top-100 AUM funds
19 of 165 holders rank in the top 100 by AUM, accounting for 25% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.