Based on 39 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added NNVC 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
39 hedge funds hold NNVC 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.
📶
Steady growth — +15% more funds vs a year ago
fund count last 6Q
+5 new funds entered over the past year (+15% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 79% buying
22 buying6 selling
Last quarter: 22 funds were net buyers (10 opened a brand new position + 12 added to an existing one). Only 6 were sellers (4 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~10 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 3 → 5 → 10. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
59% of holders stayed for 2+ years
■ 59% conviction (2yr+)
■ 15% medium
■ 26% new
23 out of 39 hedge funds have held NNVC 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.
💎
Buying through price weakness — shares +115%, value +70%
Last quarter: funds added +115% more shares while total portfolio value only changed +70%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~10 new funds/quarter
6 → 4 → 3 → 5 → 10 new funds/Q
New funds entering each quarter: 4 → 3 → 5 → 10. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 68% of holders stayed 2+ years
■ 68% veterans
■ 7% 1-2yr
■ 24% new
Of 41 current holders: 28 (68%) 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 — 29% AUM from major funds
29% from top-100 AUM funds
9 of 39 holders rank in the top 100 by AUM, accounting for 29% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.