Based on 62 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their NDMO positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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High ownership — 74% of 3.0Y peak
74% of all-time peak
62 funds currently hold this stock — 74% of the 3.0-year high of 84 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 21% fewer funds vs a year ago
fund count last 6Q
16 fewer hedge funds hold NDMO compared to a year ago (-21% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 53% buying
34 buying30 selling
Last quarter: 34 funds bought or added vs 30 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.
➡️
Steady new buyers — ~8 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 12 → 10 → 13 → 8. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
55% of holders stayed for 2+ years
■ 55% conviction (2yr+)
■ 32% medium
■ 13% new
34 out of 62 hedge funds have held NDMO 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 — ~8 new funds/quarter
8 → 12 → 10 → 13 → 8 new funds/Q
New funds entering each quarter: 12 → 10 → 13 → 8. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 56% veterans vs 16% newcomers
■ 56% veterans
■ 27% 1-2yr
■ 16% new
Entry-cohort mix of 62 holders: 35 (56%) are 2+ year veterans, 17 entered 1–2 years ago, and 10 (16%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 58% AUM from top-100 funds
58% from top-100 AUM funds
11 of 62 holders are among the 100 largest funds by AUM, controlling 58% of total institutional value in NDMO. 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 2.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.