Based on 43 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their NNY 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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At the ownership peak (96% of max)
96% of all-time peak
43 hedge funds hold NNY 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding NNY is almost the same as a year ago (+1 funds, +2% change). No significant rush to buy or sell — institutional backing is holding steady.
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More sellers than buyers — 42% buying
14 buying19 selling
Last quarter: 19 funds reduced or exited vs 14 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
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Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 5 → 7 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 26% medium
■ 7% new
29 out of 43 hedge funds have held NNY 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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Steady discovery — ~4 new funds/quarter
5 → 5 → 5 → 7 → 4 new funds/Q
New funds entering each quarter: 5 → 5 → 7 → 4. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 72% veterans vs 12% newcomers
■ 72% veterans
■ 16% 1-2yr
■ 12% new
Entry-cohort mix of 43 holders: 31 (72%) are 2+ year veterans, 7 entered 1–2 years ago, and 5 (12%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 24% AUM from major funds
24% from top-100 AUM funds
9 of 43 holders rank in the top 100 by AUM, accounting for 24% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.