Based on 111 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 NMRA 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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High ownership — 78% of 3.0Y peak
78% of all-time peak
111 funds currently hold this stock — 78% of the 3.0-year high of 142 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding NMRA is almost the same as a year ago (-4 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 56% buying
59 buying46 selling
Last quarter: 59 funds bought or added vs 46 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 — ~24 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 24 → 15 → 22 → 24. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mixed — 30% long-term, 31% new
■ 30% conviction (2yr+)
■ 40% medium
■ 31% new
Of the 111 current holders: 33 (30%) held >2 years, 44 held 1–2 years, and 34 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
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Growing discovery — still being found
33 → 24 → 15 → 22 → 24 new funds/Q
New funds entering each quarter: 24 → 15 → 22 → 24. A growing number of institutions are discovering NMRA each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Mixed cohorts — 32% veterans, 40% new entrants
■ 32% veterans
■ 28% 1-2yr
■ 40% new
Of 120 current holders: 38 (32%) held 2+ years, 34 held 1–2 years, 48 (40%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 20% AUM from major funds
20% from top-100 AUM funds
31 of 111 holders rank in the top 100 by AUM, accounting for 20% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.