Based on 578 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds added NXT 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
578 hedge funds hold NXT 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 — +42% more funds vs a year ago
fund count last 6Q
+172 new funds entered over the past year (+42% 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.
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Slight buying edge — 53% buying
314 buying282 selling
Last quarter: 314 funds bought or added vs 282 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 (+16 vs last Q)
new funds entering per quarter
Funds opening a new NXT position: 105 → 102 → 113 → 129. 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 — 32% entered in last year
■ 24% conviction (2yr+)
■ 44% medium
■ 32% new
Only 137 funds (24%) 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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Value +24% but shares only +5% — price-driven
Last quarter: the total dollar value of institutional holdings rose +24%, but actual share count only changed +5%. 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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Growing discovery — still being found
93 → 105 → 102 → 113 → 129 new funds/Q
New funds entering each quarter: 105 → 102 → 113 → 129. A growing number of institutions are discovering NXT each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Mixed cohorts — 27% veterans, 40% new entrants
■ 27% veterans
■ 33% 1-2yr
■ 40% new
Of 613 current holders: 165 (27%) held 2+ years, 204 held 1–2 years, 244 (40%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 49% AUM from top-100 funds
49% from top-100 AUM funds
45 of 578 holders are among the 100 largest funds by AUM, controlling 49% of total institutional value in NXT. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.3
out of 10
Moderate Exit Risk
Exit risk score 4.3/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.