Based on 77 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added NODK 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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At the ownership peak (100% of max)
100% of all-time peak
77 hedge funds hold NODK 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.
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Fast accumulation — +28% more funds vs a year ago
fund count last 6Q
+17 new funds entered over the past year (+28% 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.
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More buyers than sellers — 63% buying
43 buying25 selling
Last quarter: 43 funds were net buyers (14 opened a brand new position + 29 added to an existing one). Only 25 were sellers (20 trimmed + 5 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+6 vs last Q)
new funds entering per quarter
Funds opening a new NODK position: 9 → 7 → 8 → 14. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 26% medium
■ 21% new
41 out of 77 hedge funds have held NODK 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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Value +27% but shares only +1% — price-driven
Last quarter: the total dollar value of institutional holdings rose +27%, but actual share count only changed +1%. 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.
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Growing discovery — still being found
6 → 9 → 7 → 8 → 14 new funds/Q
New funds entering each quarter: 9 → 7 → 8 → 14. A growing number of institutions are discovering NODK each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 53% veterans vs 29% newcomers
■ 53% veterans
■ 18% 1-2yr
■ 29% new
Entry-cohort mix of 77 holders: 41 (53%) are 2+ year veterans, 14 entered 1–2 years ago, and 22 (29%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 46% AUM from top-100 funds
46% from top-100 AUM funds
28 of 77 holders are among the 100 largest funds by AUM, controlling 46% of total institutional value in NODK. 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.