Based on 85 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added NOAH 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
85 hedge funds hold NOAH 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
+11 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 — 60% buying
51 buying34 selling
Last quarter: 51 funds were net buyers (14 opened a brand new position + 37 added to an existing one). Only 34 were sellers (23 trimmed + 11 sold completely). A clear majority buying is a strong confirmation signal.
⚠️
Fewer new buyers each quarter (-9 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 7 → 9 → 23 → 14. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 18% medium
■ 15% new
57 out of 85 hedge funds have held NOAH 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 -0%, value -16%
Last quarter: funds added -0% more shares while total portfolio value only changed -16%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
13 → 7 → 9 → 23 → 14 new funds/Q
New funds entering each quarter: 7 → 9 → 23 → 14. A growing number of institutions are discovering NOAH each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 80% of holders stayed 2+ years
■ 80% veterans
■ 8% 1-2yr
■ 12% new
Of 88 current holders: 70 (80%) 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.
📋
Smaller funds dominant — 14% AUM from top-100
14% from top-100 AUM funds
22 of 85 holders rank in the top 100 by AUM, but together hold only 14% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.