Based on 15 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added NTRB 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 — 75% of 3.0Y peak
75% of all-time peak
15 funds currently hold this stock — 75% of the 3.0-year high of 20 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 25% fewer funds vs a year ago
fund count last 6Q
5 fewer hedge funds hold NTRB compared to a year ago (-25% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 50% buying
4 buying4 selling
Last quarter: 4 funds bought or added vs 4 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
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Steady new buyers — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 2 → 2 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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47% of holders stayed for 2+ years
■ 47% conviction (2yr+)
■ 27% medium
■ 27% new
7 out of 15 hedge funds have held NTRB 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.
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Peak discovery — momentum slowing
7 → 4 → 2 → 2 → 2 new funds/Q
New funds entering each quarter: 4 → 2 → 2 → 2. NTRB 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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Veteran-anchored — 40% veterans vs 40% newcomers
■ 40% veterans
■ 20% 1-2yr
■ 40% new
Entry-cohort mix of 15 holders: 6 (40%) are 2+ year veterans, 3 entered 1–2 years ago, and 6 (40%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 38% AUM from major funds
38% from top-100 AUM funds
9 of 15 holders rank in the top 100 by AUM, accounting for 38% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.