Based on 42 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 NTWO 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.
🏔️
At the ownership peak (98% of max)
98% of all-time peak
42 hedge funds hold NTWO 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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Steady growth — +8% more funds vs a year ago
fund count last 6Q
+3 new funds entered over the past year (+8% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🔴
Heavy selling pressure — only 31% buying
5 buying11 selling
Last quarter: 11 funds sold vs only 5 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 2 → 2 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 12% entered in last year
■ 5% conviction (2yr+)
■ 83% medium
■ 12% new
Only 2 funds (5%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
⚠️
Saturation — most institutions already know this story
10 → 5 → 2 → 2 → 2 new funds/Q
New funds entering each quarter: 5 → 2 → 2 → 2. 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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Mixed cohorts — 5% veterans, 43% new entrants
■ 5% veterans
■ 52% 1-2yr
■ 43% new
Of 42 current holders: 2 (5%) held 2+ years, 22 held 1–2 years, 18 (43%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Smaller funds dominant — 11% AUM from top-100
11% from top-100 AUM funds
6 of 42 holders rank in the top 100 by AUM, but together hold only 11% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.1
out of 10
Moderate Exit Risk
Exit risk score 4.1/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.