Based on 81 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 NML 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
81 hedge funds hold NML 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 — +8% more funds vs a year ago
fund count last 6Q
+6 new funds entered over the past year (+8% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 65% buying
46 buying25 selling
Last quarter: 46 funds were net buyers (12 opened a brand new position + 34 added to an existing one). Only 25 were sellers (16 trimmed + 9 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~12 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 10 → 9 → 8 → 12. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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57% of holders stayed for 2+ years
■ 57% conviction (2yr+)
■ 26% medium
■ 17% new
46 out of 81 hedge funds have held NML 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 — ~12 new funds/quarter
12 → 10 → 9 → 8 → 12 new funds/Q
New funds entering each quarter: 10 → 9 → 8 → 12. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 60% of holders stayed 2+ years
■ 60% veterans
■ 11% 1-2yr
■ 28% new
Of 81 current holders: 49 (60%) 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 — 44% AUM from top-100 funds
44% from top-100 AUM funds
10 of 81 holders are among the 100 largest funds by AUM, controlling 44% of total institutional value in NML. 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 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.