Based on 120 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added NUBD 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 (100% of max)
100% of all-time peak
120 hedge funds hold NUBD 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.
📶
Steady growth — +8% more funds vs a year ago
fund count last 6Q
+9 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.
🟢
More buyers than sellers — 65% buying
71 buying38 selling
Last quarter: 71 funds were net buyers (24 opened a brand new position + 47 added to an existing one). Only 38 were sellers (31 trimmed + 7 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 NUBD position: 8 → 8 → 7 → 24. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 22% medium
■ 18% new
72 out of 120 hedge funds have held NUBD 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.
🚀
Acceleration phase — new buyers rushing in
20 → 8 → 8 → 7 → 24 new funds/Q
New funds entering each quarter: 8 → 8 → 7 → 24. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️
Deep conviction — 61% of holders stayed 2+ years
■ 61% veterans
■ 12% 1-2yr
■ 27% new
Of 120 current holders: 73 (61%) 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.
✅
Strong quality — 36% AUM from major funds
36% from top-100 AUM funds
10 of 120 holders rank in the top 100 by AUM, accounting for 36% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.