Based on 22 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 NULC 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 (100% of max)
100% of all-time peak
22 hedge funds hold NULC 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 — +16% more funds vs a year ago
fund count last 6Q
+3 new funds entered over the past year (+16% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction. The peak was reached in just 1 quarters from the low — a sharp move.
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More buyers than sellers — 65% buying
13 buying7 selling
Last quarter: 13 funds were net buyers (9 opened a brand new position + 4 added to an existing one). Only 7 were sellers (5 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new NULC position: 1 → 4 → 2 → 9. 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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55% of holders stayed for 2+ years
■ 55% conviction (2yr+)
■ 18% medium
■ 27% new
12 out of 22 hedge funds have held NULC 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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Value +119% but shares only +93% — price-driven
Last quarter: the total dollar value of institutional holdings rose +119%, but actual share count only changed +93%. 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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Steady discovery — ~9 new funds/quarter
4 → 1 → 4 → 2 → 9 new funds/Q
New funds entering each quarter: 1 → 4 → 2 → 9. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 68% veterans vs 32% newcomers
■ 68% veterans
■ 0% 1-2yr
■ 32% new
Entry-cohort mix of 22 holders: 15 (68%) are 2+ year veterans, 0 entered 1–2 years ago, and 7 (32%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 12% AUM from top-100
12% from top-100 AUM funds
3 of 22 holders rank in the top 100 by AUM, but together hold only 12% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.