Based on 56 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added NPFD 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
56 hedge funds hold NPFD 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.
🚀
Fast accumulation — +27% more funds vs a year ago
fund count last 6Q
+12 new funds entered over the past year (+27% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 64% buying
34 buying19 selling
Last quarter: 34 funds were net buyers (14 opened a brand new position + 20 added to an existing one). Only 19 were sellers (15 trimmed + 4 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new NPFD position: 7 → 6 → 7 → 14. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
📌
Mixed — 39% long-term, 36% new
■ 39% conviction (2yr+)
■ 25% medium
■ 36% new
Of the 56 current holders: 22 (39%) held >2 years, 14 held 1–2 years, and 20 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.
💎
Buying through price weakness — shares -5%, value -41%
Last quarter: funds added -5% more shares while total portfolio value only changed -41%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
10 → 7 → 6 → 7 → 14 new funds/Q
New funds entering each quarter: 7 → 6 → 7 → 14. A growing number of institutions are discovering NPFD each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
📊
Mixed cohorts — 38% veterans, 50% new entrants
■ 38% veterans
■ 12% 1-2yr
■ 50% new
Of 56 current holders: 21 (38%) held 2+ years, 7 held 1–2 years, 28 (50%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 78% AUM from top-100 funds
78% from top-100 AUM funds
11 of 56 holders are among the 100 largest funds by AUM, controlling 78% of total institutional value in NPFD. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.2
out of 10
Moderate Exit Risk
Exit risk score 4.2/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.