Based on 4 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 4 quarters in a row
For 4 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.
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Below peak — only 5% of 3.0Y high
5% of all-time peak
Only 4 funds hold NOTV today versus a peak of 80 funds at 2024 Q1 — just 5% 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 — 95% fewer funds vs a year ago
fund count last 6Q
70 fewer hedge funds hold NOTV compared to a year ago (-95% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 2% buying
1 buying46 selling
Last quarter: 46 funds sold vs only 1 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 17 → 5 → 3 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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100% of holders stayed for 2+ years
■ 100% conviction (2yr+)
■ 0% medium
■ 0% new
4 out of 4 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.
⚠️
Saturation — most institutions already know this story
19 → 17 → 5 → 3 → 1 new funds/Q
New funds entering each quarter: 17 → 5 → 3 → 1. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
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Veteran-anchored — 100% veterans vs 0% newcomers
■ 100% veterans
■ 0% 1-2yr
■ 0% new
Entry-cohort mix of 4 holders: 4 (100%) are 2+ year veterans, 0 entered 1–2 years ago, and 0 (0%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
1 of 4 holders rank in the top 100 by AUM, but together hold only 0% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.