Based on 53 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their NOTV positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 66% of 3.0Y high
66% of all-time peak
Only 53 funds hold NOTV today versus a peak of 80 funds at 2024 Q1 — just 66% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 21% fewer funds vs a year ago
fund count last 6Q
14 fewer hedge funds hold NOTV compared to a year ago (-21% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 38% buying
20 buying32 selling
Last quarter: 32 funds sold vs only 20 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-11 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 12 → 19 → 16 → 5. 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.
🔒
62% of holders stayed for 2+ years
■ 62% conviction (2yr+)
■ 17% medium
■ 21% new
33 out of 53 hedge funds have held NOTV 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 -3%, value -24%
Last quarter: funds added -3% more shares while total portfolio value only changed -24%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊
Peak discovery — momentum slowing
27 → 12 → 19 → 16 → 5 new funds/Q
New funds entering each quarter: 12 → 19 → 16 → 5. NOTV is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Deep conviction — 69% of holders stayed 2+ years
■ 69% veterans
■ 7% 1-2yr
■ 24% new
Of 54 current holders: 37 (69%) 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.
🏆
Elite ownership — 70% AUM from top-100 funds
70% from top-100 AUM funds
16 of 53 holders are among the 100 largest funds by AUM, controlling 70% of total institutional value in NOTV. 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 2.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.