Based on 80 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 NOA 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 — 92% of 3.0Y peak
92% of all-time peak
80 funds currently hold this stock — 92% of the 3.0-year high of 87 funds (reached 2023 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding NOA is almost the same as a year ago (-2 funds, -2% change). No significant rush to buy or sell — institutional backing is holding steady.
🟢
More buyers than sellers — 64% buying
52 buying29 selling
Last quarter: 52 funds were net buyers (23 opened a brand new position + 29 added to an existing one). Only 29 were sellers (16 trimmed + 13 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+14 vs last Q)
new funds entering per quarter
Funds opening a new NOA position: 12 → 10 → 9 → 23. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
57% of holders stayed for 2+ years
■ 57% conviction (2yr+)
■ 21% medium
■ 21% new
46 out of 80 hedge funds have held NOA 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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Growing discovery — still being found
11 → 12 → 10 → 9 → 23 new funds/Q
New funds entering each quarter: 12 → 10 → 9 → 23. A growing number of institutions are discovering NOA each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 67% of holders stayed 2+ years
■ 67% veterans
■ 9% 1-2yr
■ 25% new
Of 81 current holders: 54 (67%) 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 — 26% AUM from major funds
26% from top-100 AUM funds
13 of 80 holders rank in the top 100 by AUM, accounting for 26% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.