Based on 519 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added NOK 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
519 hedge funds hold NOK 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 — +22% more funds vs a year ago
fund count last 6Q
+92 new funds entered over the past year (+22% 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 — 66% buying
304 buying159 selling
Last quarter: 304 funds were net buyers (124 opened a brand new position + 180 added to an existing one). Only 159 were sellers (111 trimmed + 48 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+69 vs last Q)
new funds entering per quarter
Funds opening a new NOK position: 85 → 85 → 55 → 124. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 18% medium
■ 19% new
327 out of 519 hedge funds have held NOK 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 +53%, value -93%
Last quarter: funds added +53% more shares while total portfolio value only changed -93%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~124 new funds/quarter
76 → 85 → 85 → 55 → 124 new funds/Q
New funds entering each quarter: 85 → 85 → 55 → 124. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 68% of holders stayed 2+ years
■ 68% veterans
■ 10% 1-2yr
■ 22% new
Of 543 current holders: 368 (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 — 31% AUM from major funds
31% from top-100 AUM funds
33 of 519 holders rank in the top 100 by AUM, accounting for 31% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.