Based on 236 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their NLOP 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 — 91% of 3.0Y peak
91% of all-time peak
236 funds currently hold this stock — 91% of the 3.0-year high of 260 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding NLOP is almost the same as a year ago (-6 funds, -2% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡
Slight buying edge — 52% buying
100 buying93 selling
Last quarter: 100 funds bought or added vs 93 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.
⚠️
Fewer new buyers each quarter (-8 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 34 → 35 → 43 → 35. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
52% of holders stayed for 2+ years
■ 52% conviction (2yr+)
■ 24% medium
■ 24% new
123 out of 236 hedge funds have held NLOP 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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Growing discovery — still being found
21 → 34 → 35 → 43 → 35 new funds/Q
New funds entering each quarter: 34 → 35 → 43 → 35. A growing number of institutions are discovering NLOP each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 57% veterans vs 27% newcomers
■ 57% veterans
■ 17% 1-2yr
■ 27% new
Entry-cohort mix of 237 holders: 134 (57%) are 2+ year veterans, 40 entered 1–2 years ago, and 63 (27%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 61% AUM from top-100 funds
61% from top-100 AUM funds
37 of 232 holders are among the 100 largest funds by AUM, controlling 61% of total institutional value in NLOP. 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 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.