Based on 129 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their NUMV positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (98% of max)
98% of all-time peak
129 hedge funds hold NUMV 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 NUMV is almost the same as a year ago (+4 funds, +3% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡
Slight buying edge — 51% buying
61 buying58 selling
Last quarter: 61 funds bought or added vs 58 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 — ~16 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 9 → 11 → 18 → 16. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
65% of holders stayed for 2+ years
■ 65% conviction (2yr+)
■ 21% medium
■ 14% new
84 out of 129 hedge funds have held NUMV 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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Acceleration phase — new buyers rushing in
7 → 9 → 11 → 18 → 16 new funds/Q
New funds entering each quarter: 9 → 11 → 18 → 16. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Veteran-anchored — 67% veterans vs 16% newcomers
■ 67% veterans
■ 17% 1-2yr
■ 16% new
Entry-cohort mix of 129 holders: 86 (67%) are 2+ year veterans, 22 entered 1–2 years ago, and 21 (16%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 48% AUM from top-100 funds
48% from top-100 AUM funds
18 of 129 holders are among the 100 largest funds by AUM, controlling 48% of total institutional value in NUMV. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.