Based on 32 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added NMT 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 (97% of max)
97% of all-time peak
32 hedge funds hold NMT 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.
🚀
Fast accumulation — +33% more funds vs a year ago
fund count last 6Q
+8 new funds entered over the past year (+33% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 72% buying
18 buying7 selling
Last quarter: 18 funds were net buyers (8 opened a brand new position + 10 added to an existing one). Only 7 were sellers (4 trimmed + 3 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new NMT position: 5 → 6 → 1 → 8. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
62% of holders stayed for 2+ years
■ 62% conviction (2yr+)
■ 19% medium
■ 19% new
20 out of 32 hedge funds have held NMT 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.
💰
Value +2203% but shares only +120% — price-driven
Last quarter: the total dollar value of institutional holdings rose +2203%, but actual share count only changed +120%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
📊
Peak discovery — momentum slowing
3 → 5 → 6 → 1 → 8 new funds/Q
New funds entering each quarter: 5 → 6 → 1 → 8. NMT is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Deep conviction — 59% of holders stayed 2+ years
■ 59% veterans
■ 12% 1-2yr
■ 28% new
Of 32 current holders: 19 (59%) 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.
🏆
Elite ownership — 98% AUM from top-100 funds
98% from top-100 AUM funds
7 of 32 holders are among the 100 largest funds by AUM, controlling 98% of total institutional value in NMT. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.