Based on 185 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added NX 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 — 93% of 3.0Y peak
93% of all-time peak
185 funds currently hold this stock — 93% of the 3.0-year high of 199 funds (reached 2024 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding NX is almost the same as a year ago (+3 funds, +2% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 53% buying
110 buying99 selling
Last quarter: 110 funds bought or added vs 99 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 (+6 vs last Q)
new funds entering per quarter
Funds opening a new NX position: 39 → 31 → 34 → 40. 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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66% of holders stayed for 2+ years
■ 66% conviction (2yr+)
■ 18% medium
■ 16% new
122 out of 185 hedge funds have held NX 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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Steady discovery — ~40 new funds/quarter
26 → 39 → 31 → 34 → 40 new funds/Q
New funds entering each quarter: 39 → 31 → 34 → 40. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 73% of holders stayed 2+ years
■ 73% veterans
■ 9% 1-2yr
■ 18% new
Of 187 current holders: 136 (73%) 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.
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Elite ownership — 42% AUM from top-100 funds
42% from top-100 AUM funds
36 of 185 holders are among the 100 largest funds by AUM, controlling 42% of total institutional value in NX. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.