Based on 7 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their NSYS 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 54% of 3.0Y high
54% of all-time peak
Only 7 funds hold NSYS today versus a peak of 13 funds at 2024 Q2 — just 54% 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.
📉
Outflows — 42% fewer funds vs a year ago
fund count last 6Q
5 fewer hedge funds hold NSYS compared to a year ago (-42% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 33% buying
3 buying6 selling
Last quarter: 6 funds sold vs only 3 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 2 → 1 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
43% of holders stayed for 2+ years
■ 43% conviction (2yr+)
■ 14% medium
■ 43% new
3 out of 7 hedge funds have held NSYS 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.
💰
Value +67% but shares only +2% — price-driven
Last quarter: the total dollar value of institutional holdings rose +67%, but actual share count only changed +2%. 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.
➡️
Steady discovery — ~3 new funds/quarter
0 → 1 → 2 → 1 → 3 new funds/Q
New funds entering each quarter: 1 → 2 → 1 → 3. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 43% veterans vs 43% newcomers
■ 43% veterans
■ 14% 1-2yr
■ 43% new
Entry-cohort mix of 7 holders: 3 (43%) are 2+ year veterans, 1 entered 1–2 years ago, and 3 (43%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
1 of 7 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 2.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.