Based on 103 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added NOCT 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
103 hedge funds hold NOCT 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 — +29% more funds vs a year ago
fund count last 6Q
+23 new funds entered over the past year (+29% 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 — 78% buying
73 buying20 selling
Last quarter: 73 funds were net buyers (32 opened a brand new position + 41 added to an existing one). Only 20 were sellers (15 trimmed + 5 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+30 vs last Q)
new funds entering per quarter
Funds opening a new NOCT position: 9 → 10 → 2 → 32. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
44% of holders stayed for 2+ years
■ 44% conviction (2yr+)
■ 27% medium
■ 29% new
45 out of 103 hedge funds have held NOCT 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.
🚀
Acceleration phase — new buyers rushing in
26 → 9 → 10 → 2 → 32 new funds/Q
New funds entering each quarter: 9 → 10 → 2 → 32. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️
Deep conviction — 43% of holders stayed 2+ years
■ 43% veterans
■ 14% 1-2yr
■ 44% new
Of 103 current holders: 44 (43%) 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 — 4% AUM from top-100
4% from top-100 AUM funds
4 of 103 holders rank in the top 100 by AUM, but together hold only 4% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.