Based on 126 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added NATH 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
126 hedge funds hold NATH 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.
🚀
Fast accumulation — +29% more funds vs a year ago
fund count last 6Q
+28 new funds entered over the past year (+29% 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 — 50% buying
68 buying68 selling
Last quarter: 68 funds bought or added vs 68 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.
📈
More new buyers each quarter (+29 vs last Q)
new funds entering per quarter
Funds opening a new NATH position: 25 → 26 → 10 → 39. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
40% of holders stayed for 2+ years
■ 40% conviction (2yr+)
■ 25% medium
■ 35% new
51 out of 126 hedge funds have held NATH 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.
➡️
Steady discovery — ~39 new funds/quarter
18 → 25 → 26 → 10 → 39 new funds/Q
New funds entering each quarter: 25 → 26 → 10 → 39. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 48% veterans vs 38% newcomers
■ 48% veterans
■ 13% 1-2yr
■ 38% new
Entry-cohort mix of 126 holders: 61 (48%) are 2+ year veterans, 17 entered 1–2 years ago, and 48 (38%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 21% AUM from major funds
21% from top-100 AUM funds
34 of 126 holders rank in the top 100 by AUM, accounting for 21% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.1
out of 10
Moderate Exit Risk
Exit risk score 4.1/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.