Based on 88 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 NML 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
88 hedge funds hold NML 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 — +11% more funds vs a year ago
fund count last 6Q
+9 new funds entered over the past year (+11% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 69% buying
53 buying24 selling
Last quarter: 53 funds were net buyers (14 opened a brand new position + 39 added to an existing one). Only 24 were sellers (15 trimmed + 9 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~14 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 11 → 8 → 12 → 14. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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55% of holders stayed for 2+ years
■ 55% conviction (2yr+)
■ 23% medium
■ 23% new
48 out of 88 hedge funds have held NML 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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Value +26% but shares only +5% — price-driven
Last quarter: the total dollar value of institutional holdings rose +26%, but actual share count only changed +5%. 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.
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Growing discovery — still being found
10 → 11 → 8 → 12 → 14 new funds/Q
New funds entering each quarter: 11 → 8 → 12 → 14. A growing number of institutions are discovering NML each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 60% veterans vs 26% newcomers
■ 60% veterans
■ 14% 1-2yr
■ 26% new
Entry-cohort mix of 88 holders: 53 (60%) are 2+ year veterans, 12 entered 1–2 years ago, and 23 (26%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 50% AUM from top-100 funds
50% from top-100 AUM funds
15 of 88 holders are among the 100 largest funds by AUM, controlling 50% of total institutional value in NML. 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.