Based on 15 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added NOVZ 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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High ownership — 79% of 3.0Y peak
79% of all-time peak
15 funds currently hold this stock — 79% of the 3.0-year high of 19 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 17% fewer funds vs a year ago
fund count last 6Q
3 fewer hedge funds hold NOVZ compared to a year ago (-17% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More sellers than buyers — 43% buying
6 buying8 selling
Last quarter: 8 funds reduced or exited vs 6 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~5 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 1 → 2 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mixed — 33% long-term, 27% new
■ 33% conviction (2yr+)
■ 40% medium
■ 27% new
Of the 15 current holders: 5 (33%) held >2 years, 6 held 1–2 years, and 4 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
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Steady discovery — ~5 new funds/quarter
3 → 3 → 1 → 2 → 5 new funds/Q
New funds entering each quarter: 3 → 1 → 2 → 5. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 40% of holders stayed 2+ years
■ 40% veterans
■ 13% 1-2yr
■ 47% new
Of 15 current holders: 6 (40%) 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.
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Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
1 of 15 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 3.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.