Based on 14 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their NEHCW positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 67% of 3.0Y high
67% of all-time peak
Only 14 funds hold NEHCW today versus a peak of 21 funds at 2025 Q1 — just 67% 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 — 22% fewer funds vs a year ago
fund count last 6Q
4 fewer hedge funds hold NEHCW compared to a year ago (-22% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 50% buying
4 buying4 selling
Last quarter: 4 funds bought or added vs 4 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 — ~0 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 5 → 2 → 0. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 29% entered in last year
■ 21% conviction (2yr+)
■ 50% medium
■ 29% new
Only 3 funds (21%) 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 +112% but shares only +12% — price-driven
Last quarter: the total dollar value of institutional holdings rose +112%, but actual share count only changed +12%. 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.
⚠️
Saturation — most institutions already know this story
2 → 4 → 5 → 2 → 0 new funds/Q
New funds entering each quarter: 4 → 5 → 2 → 0. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
📊
Mixed cohorts — 21% veterans, 43% new entrants
■ 21% veterans
■ 36% 1-2yr
■ 43% new
Of 14 current holders: 3 (21%) held 2+ years, 5 held 1–2 years, 6 (43%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
📋
Smaller funds dominant — 2% AUM from top-100
2% from top-100 AUM funds
1 of 13 holders rank in the top 100 by AUM, but together hold only 2% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.