Based on 96 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added NMRA 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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High ownership — 72% of 3.0Y peak
72% of all-time peak
96 funds currently hold this stock — 72% of the 3.0-year high of 134 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 28% fewer funds vs a year ago
fund count last 6Q
38 fewer hedge funds hold NMRA compared to a year ago (-28% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 56% buying
54 buying43 selling
Last quarter: 54 funds bought or added vs 43 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.
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More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new NMRA position: 32 → 22 → 15 → 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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Mixed — 29% long-term, 30% new
■ 29% conviction (2yr+)
■ 41% medium
■ 30% new
Of the 96 current holders: 28 (29%) held >2 years, 39 held 1–2 years, and 29 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
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Peak discovery — momentum slowing
42 → 32 → 22 → 15 → 22 new funds/Q
New funds entering each quarter: 32 → 22 → 15 → 22. NMRA is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Mixed cohorts — 22% veterans, 44% new entrants
■ 22% veterans
■ 34% 1-2yr
■ 44% new
Of 102 current holders: 22 (22%) held 2+ years, 35 held 1–2 years, 45 (44%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Strong quality — 20% AUM from major funds
20% from top-100 AUM funds
22 of 96 holders rank in the top 100 by AUM, accounting for 20% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.