Based on 222 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their NVRI positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 94% of 3.0Y peak
94% of all-time peak
222 funds currently hold this stock — 94% of the 3.0-year high of 235 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +15% more funds vs a year ago
fund count last 6Q
+29 new funds entered over the past year (+15% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 53% buying
121 buying106 selling
Last quarter: 121 funds bought or added vs 106 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.
⚠️
Fewer new buyers each quarter (-23 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 24 → 30 → 58 → 35. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
56% of holders stayed for 2+ years
■ 56% conviction (2yr+)
■ 21% medium
■ 23% new
124 out of 222 hedge funds have held NVRI 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.
💰
Value +2157% but shares only +4% — price-driven
Last quarter: the total dollar value of institutional holdings rose +2157%, but actual share count only changed +4%. 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.
🚀
Acceleration phase — new buyers rushing in
30 → 24 → 30 → 58 → 35 new funds/Q
New funds entering each quarter: 24 → 30 → 58 → 35. 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.
🏛️
Veteran-anchored — 65% veterans vs 25% newcomers
■ 65% veterans
■ 9% 1-2yr
■ 25% new
Entry-cohort mix of 226 holders: 148 (65%) are 2+ year veterans, 21 entered 1–2 years ago, and 57 (25%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 97% AUM from top-100 funds
97% from top-100 AUM funds
45 of 218 holders are among the 100 largest funds by AUM, controlling 97% of total institutional value in NVRI. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.