Based on 98 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added NAPR 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
98 hedge funds hold NAPR 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 — +15% more funds vs a year ago
fund count last 6Q
+13 new funds entered over the past year (+15% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🔴
Heavy selling pressure — only 33% buying
28 buying56 selling
Last quarter: 56 funds sold vs only 28 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~10 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 20 → 11 → 14 → 10. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
54% of holders stayed for 2+ years
■ 54% conviction (2yr+)
■ 23% medium
■ 22% new
53 out of 98 hedge funds have held NAPR 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.
📊
Peak discovery — momentum slowing
13 → 20 → 11 → 14 → 10 new funds/Q
New funds entering each quarter: 20 → 11 → 14 → 10. NAPR is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Veteran-anchored — 53% veterans vs 32% newcomers
■ 53% veterans
■ 15% 1-2yr
■ 32% new
Entry-cohort mix of 98 holders: 52 (53%) are 2+ year veterans, 15 entered 1–2 years ago, and 31 (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 — 9% AUM from top-100
9% from top-100 AUM funds
7 of 97 holders rank in the top 100 by AUM, but together hold only 9% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.5
out of 10
Moderate Exit Risk
Exit risk score 4.5/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.