Based on 101 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added NGL 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.
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At the ownership peak (100% of max)
100% of all-time peak
101 hedge funds hold NGL 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.
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Steady growth — +13% more funds vs a year ago
fund count last 6Q
+12 new funds entered over the past year (+13% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 59% buying
44 buying30 selling
Last quarter: 44 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.
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Steady new buyers — ~19 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 7 → 8 → 15 → 19. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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64% of holders stayed for 2+ years
■ 64% conviction (2yr+)
■ 23% medium
■ 13% new
65 out of 101 hedge funds have held NGL 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.
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Price up while funds trimmed (+17% value, -4% shares)
Last quarter: total value of institutional NGL holdings rose +17% even though funds reduced share count by 4%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Acceleration phase — new buyers rushing in
12 → 7 → 8 → 15 → 19 new funds/Q
New funds entering each quarter: 7 → 8 → 15 → 19. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Veteran-anchored — 75% veterans vs 17% newcomers
■ 75% veterans
■ 8% 1-2yr
■ 17% new
Entry-cohort mix of 106 holders: 79 (75%) are 2+ year veterans, 9 entered 1–2 years ago, and 18 (17%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 72% AUM from top-100 funds
72% from top-100 AUM funds
20 of 100 holders are among the 100 largest funds by AUM, controlling 72% of total institutional value in NGL. 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 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.