Based on 33 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added NVX 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
33 hedge funds hold NVX 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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Fast accumulation — +94% more funds vs a year ago
fund count last 6Q
+16 new funds entered over the past year (+94% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟡
Slight buying edge — 59% buying
22 buying15 selling
Last quarter: 22 funds bought or added vs 15 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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More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new NVX position: 3 → 8 → 8 → 15. 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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Mostly new holders — 55% entered in last year
■ 21% conviction (2yr+)
■ 24% medium
■ 55% new
Only 7 funds (21%) 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.
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Buying through price weakness — shares +271%, value +199%
Last quarter: funds added +271% more shares while total portfolio value only changed +199%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
7 → 3 → 8 → 8 → 15 new funds/Q
New funds entering each quarter: 3 → 8 → 8 → 15. A growing number of institutions are discovering NVX each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Mixed cohorts — 26% veterans, 47% new entrants
■ 26% veterans
■ 26% 1-2yr
■ 47% new
Of 38 current holders: 10 (26%) held 2+ years, 10 held 1–2 years, 18 (47%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 31% AUM from major funds
31% from top-100 AUM funds
7 of 33 holders rank in the top 100 by AUM, accounting for 31% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
5.8
out of 10
Moderate Exit Risk
Exit risk score 5.8/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.