Based on 118 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 NRC 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 — 87% of 3.0Y peak
87% of all-time peak
118 funds currently hold this stock — 87% of the 3.0-year high of 135 funds (reached 2024 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding NRC 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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More sellers than buyers — 42% buying
47 buying66 selling
Last quarter: 66 funds reduced or exited vs 47 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.
➡️
Steady new buyers — ~18 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 21 → 13 → 15 → 18. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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56% of holders stayed for 2+ years
■ 56% conviction (2yr+)
■ 24% medium
■ 20% new
66 out of 118 hedge funds have held NRC 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 — ~18 new funds/quarter
17 → 21 → 13 → 15 → 18 new funds/Q
New funds entering each quarter: 21 → 13 → 15 → 18. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 62% veterans vs 24% newcomers
■ 62% veterans
■ 13% 1-2yr
■ 24% new
Entry-cohort mix of 119 holders: 74 (62%) are 2+ year veterans, 16 entered 1–2 years ago, and 29 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 36% AUM from major funds
36% from top-100 AUM funds
34 of 117 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 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.