Based on 10 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added NCNA 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.
🔻
Below peak — only 50% of 3.0Y high
50% of all-time peak
Only 10 funds hold NCNA today versus a peak of 20 funds at 2024 Q4 — just 50% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 29% fewer funds vs a year ago
fund count last 6Q
4 fewer hedge funds hold NCNA compared to a year ago (-29% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟢
More buyers than sellers — 80% buying
8 buying2 selling
Last quarter: 8 funds were net buyers (5 opened a brand new position + 3 added to an existing one). Only 2 were sellers (0 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~5 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 6 → 1 → 3 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 70% entered in last year
■ 20% conviction (2yr+)
■ 10% medium
■ 70% new
Only 2 funds (20%) 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.
💰
Value +178% but shares only +97% — price-driven
Last quarter: the total dollar value of institutional holdings rose +178%, but actual share count only changed +97%. 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.
➡️
Steady discovery — ~5 new funds/quarter
8 → 6 → 1 → 3 → 5 new funds/Q
New funds entering each quarter: 6 → 1 → 3 → 5. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 10% veterans, 30% new entrants
■ 10% veterans
■ 60% 1-2yr
■ 30% new
Of 10 current holders: 1 (10%) held 2+ years, 6 held 1–2 years, 3 (30%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 29% AUM from major funds
29% from top-100 AUM funds
4 of 10 holders rank in the top 100 by AUM, accounting for 29% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.