Based on 180 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added NPK 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
180 hedge funds hold NPK 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 — +12% more funds vs a year ago
fund count last 6Q
+20 new funds entered over the past year (+12% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 55% buying
84 buying68 selling
Last quarter: 84 funds bought or added vs 68 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.
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More new buyers each quarter (+16 vs last Q)
new funds entering per quarter
Funds opening a new NPK position: 22 → 26 → 20 → 36. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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54% of holders stayed for 2+ years
■ 54% conviction (2yr+)
■ 24% medium
■ 22% new
97 out of 180 hedge funds have held NPK 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 +28% but shares only +0% — price-driven
Last quarter: the total dollar value of institutional holdings rose +28%, but actual share count only changed +0%. 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
21 → 22 → 26 → 20 → 36 new funds/Q
New funds entering each quarter: 22 → 26 → 20 → 36. A growing number of institutions are discovering NPK each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 62% veterans vs 27% newcomers
■ 62% veterans
■ 12% 1-2yr
■ 27% new
Entry-cohort mix of 180 holders: 111 (62%) are 2+ year veterans, 21 entered 1–2 years ago, and 48 (27%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 36% AUM from major funds
36% from top-100 AUM funds
38 of 179 holders rank in the top 100 by AUM, accounting for 36% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.