Based on 99 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 NPCE 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 (98% of max)
98% of all-time peak
99 hedge funds hold NPCE 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 — +71% more funds vs a year ago
fund count last 6Q
+41 new funds entered over the past year (+71% 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 — 64% buying
63 buying36 selling
Last quarter: 63 funds were net buyers (25 opened a brand new position + 38 added to an existing one). Only 36 were sellers (30 trimmed + 6 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+17 vs last Q)
new funds entering per quarter
Funds opening a new NPCE position: 35 → 24 → 8 → 25. 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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Mixed — 32% long-term, 28% new
■ 32% conviction (2yr+)
■ 39% medium
■ 28% new
Of the 99 current holders: 32 (32%) held >2 years, 39 held 1–2 years, and 28 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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Value +52% but shares only +1% — price-driven
Last quarter: the total dollar value of institutional holdings rose +52%, 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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Peak discovery — momentum slowing
14 → 35 → 24 → 8 → 25 new funds/Q
New funds entering each quarter: 35 → 24 → 8 → 25. NPCE is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Mixed cohorts — 38% veterans, 42% new entrants
■ 38% veterans
■ 19% 1-2yr
■ 42% new
Of 99 current holders: 38 (38%) held 2+ years, 19 held 1–2 years, 42 (42%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 29% AUM from major funds
29% from top-100 AUM funds
21 of 99 holders rank in the top 100 by AUM, accounting for 29% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.