Who owns NDEC (NDEC)
Which tracked institutional funds hold NDEC, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See NDEC company fundamentals →
Ownership as of the 2026-Q1 13F filings. 13F is disclosed up to 45 days after quarter-end, so the most recent quarter fills in over the following weeks.
How the tape is positioned
The tracked-fund tape on NDEC is one-sided between 2025-Q4 and 2026-Q1: 1 added or opened and 4 trimmed or exited — on balance reducing.
A prompt to read the filings, not a verdict. 13F is a quarter-end snapshot disclosed up to 45 days late; a fund adds or exits for mandate, benchmark, and timing reasons that have nothing to do with a view on the stock. This is a starting question, not a signal to trade.
Conviction spread
NDEC’s largest tracked holder by dollar value, Element Squared LLC, sizes it at 16.4% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 16.4pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in NDEC divided by its whole reported 13F book, so it is comparable across funds of different sizes and is unaffected by stock splits. A higher share means a fund has committed more of its book to the name — a starting question about conviction, not a verdict or a signal to trade.
Institutional & insider positioning
Between 2025-Q4 and 2026-Q1, across 44 tracked filers holding NDEC, 14 increased or opened the position and 27 reduced or closed it; over the same quarter, there were no open-market insider Form 4s.
This fuses two public signals for the same quarter — how tracked institutions changed their positions and whether insiders bought or sold in the open market. It describes what was filed; it is a starting question, not a verdict or a signal to trade.
New buyers & exits
Funds opening or closing a position in NDEC between the 2025-Q4 and 2026-Q1 13F filings, and the largest changes among funds holding it in both. New buyers and exits are counted on fund presence (split-invariant); adds and trims are measured on reported value.
New buyers 1
- SMI Advisory Services, LLC$11M
Full exits 2
- OPTIMA CAPITAL LLC$3M
- OLD MISSION CAPITAL LLC$538K
Largest trims
- MAI Capital Management$626K
- CALTON & ASSOCIATES, INC.$262K
Institutional holders
One row per tracked fund, largest reported value first. “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding. Rows marked stale are from an earlier filing than the security’s latest quarter — that fund is absent from the newest snapshot (position exited, or reported under a different name).
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| SMI Advisory Services, LLC new | 415,766 | $11M | 13.5% | 2026-Q1 |
| RAYMOND JAMES FINANCIAL INC added | 386,581 | $10M | 12.4% | 2026-Q1 |
| COMMONWEALTH EQUITY SERVICES, LLC added | 161,279 | $4M | 5.2% | 2026-Q1 |
| MAI Capital Management trimmed | 125,757 | $3M | 4.0% | 2026-Q1 |
| OSAIC HOLDINGS, INC. trimmed | 92,540 | $2M | 3.0% | 2026-Q1 |
| Cetera Investment Advisers added | 91,230 | $2M | 2.9% | 2026-Q1 |
| CORRADO ADVISORS, LLC trimmed | 48,496 | $1M | 1.6% | 2026-Q1 |
| LPL Financial LLC trimmed | 37,446 | $1M | 1.2% | 2026-Q1 |
| Kestra Advisory Services, LLC added | 31,624 | $852K | 1.0% | 2026-Q1 |
| Liberty Atlantic Advisors LLC | 31,530 | $850K | 1.0% | 2026-Q1 |
| Phoenix Financial Ltd. trimmed | 31,195 | $836K | 1.0% | 2026-Q1 |
| SECURED RETIREMENT ADVISORS, LLC trimmed | 24,675 | $665K | 0.8% | 2026-Q1 |
| BLAIR WILLIAM & CO/IL trimmed | 23,496 | $633K | 0.8% | 2026-Q1 |
| Diligent Investors, LLC trimmed | 22,750 | $613K | 0.7% | 2026-Q1 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP trimmed | 22,453 | $605K | 0.7% | 2026-Q1 |
| Cambridge Investment Research Advisors, Inc. trimmed | 19,374 | $522K | 0.6% | 2026-Q1 |
| Beacon Financial Advisory LLC | 19,234 | $518K | 0.6% | 2026-Q1 |
| ENVESTNET ASSET MANAGEMENT INC added | 19,062 | $514K | 0.6% | 2026-Q1 |
| FSA Advisors, Inc. added | 17,424 | $470K | 0.6% | 2026-Q1 |
| TrustBank trimmed | 17,225 | $464K | 0.6% | 2026-Q1 |
| TRUIST FINANCIAL CORP | 14,870 | $401K | 0.5% | 2026-Q1 |
| INDEPENDENT FINANCIAL GROUP, LLC added | 14,500 | $391K | 0.5% | 2026-Q1 |
| CALTON & ASSOCIATES, INC. trimmed | 13,558 | $365K | 0.4% | 2026-Q1 |
| MML INVESTORS SERVICES, LLC added | 13,116 | $353K | 0.4% | 2026-Q1 |
| MGO ONE SEVEN LLC trimmed | 11,513 | $310K | 0.4% | 2026-Q1 |
| GILL CAPITAL PARTNERS, LLC added | 11,270 | $304K | 0.4% | 2026-Q1 |
| Fortune Financial Group, Inc. | 10,000 | $269K | 0.3% | 2026-Q1 |
| GOLDMAN SACHS GROUP INC new | 9,809 | $264K | 0.3% | 2026-Q1 |
| Mutual Advisors, LLC | 9,439 | $254K | 0.3% | 2026-Q1 |
| AE Wealth Management LLC trimmed | 9,235 | $249K | 0.3% | 2026-Q1 |
| FWG Investments, LLC. trimmed | 8,842 | $238K | 0.3% | 2026-Q1 |
| HighTower Advisors, LLC | 8,431 | $227K | 0.3% | 2026-Q1 |
| HARBOUR INVESTMENTS, INC. trimmed | 8,283 | $223K | 0.3% | 2026-Q1 |
| CREATIVE FINANCIAL DESIGNS INC /ADV added | 5,950 | $160K | 0.2% | 2026-Q1 |
| DHJJ Financial Advisors, Ltd. | 4,763 | $128K | 0.2% | 2026-Q1 |
| AdvisorNet Financial, Inc | 4,094 | $110K | 0.1% | 2026-Q1 |
| Keating Financial Advisory Services, Inc. | 2,687 | $72K | 0.1% | 2026-Q1 |
| Capital Investment Advisory Services, LLC trimmed | 2,119 | $57K | 0.1% | 2026-Q1 |
| NBC SECURITIES, INC. trimmed | 1,334 | $36K | 0.0% | 2026-Q1 |
| Noble Wealth Management PBC | 1,260 | $34K | 0.0% | 2026-Q1 |
| Capital Analysts, LLC | 719 | $19K | 0.0% | 2026-Q1 |
| IFP Advisors, Inc trimmed | 450 | $12K | 0.0% | 2026-Q1 |
| Advisory Services Network, LLC | 400 | $11K | 0.0% | 2026-Q1 |
| UBS Group AG new | 85 | $2K | 0.0% | 2026-Q1 |
| Element Squared LLC trimmed | 1,077,603 | $29M | 34.6% | 2025-Q3 stale |
| OPTIMA CAPITAL LLC new | 90,727 | $3M | 3.0% | 2025-Q4 stale |
| CITADEL ADVISORS LLC new | 20,092 | $543K | 0.6% | 2025-Q3 stale |
| OLD MISSION CAPITAL LLC trimmed | 19,397 | $538K | 0.6% | 2025-Q4 stale |
| Opus Financial Solutions LLC new | 13,426 | $372K | 0.4% | 2025-Q4 stale |
| Tradition Wealth Management, LLC trimmed | 12,468 | $322K | 0.4% | 2025-Q2 stale |
| JANE STREET GROUP, LLC trimmed | 13,278 | $313K | 0.4% | 2025-Q1 stale |
| DAYMARK WEALTH PARTNERS, LLC new | 11,130 | $309K | 0.4% | 2025-Q4 stale |
| CreativeOne Wealth, LLC trimmed | 9,589 | $266K | 0.3% | 2025-Q4 stale |
| Kingsview Wealth Management, LLC | 9,568 | $265K | 0.3% | 2025-Q4 stale |
| Arkadios Wealth Advisors new | 9,154 | $248K | 0.3% | 2025-Q3 stale |
| Clear Creek Financial Management, LLC | 7,547 | $209K | 0.2% | 2025-Q4 stale |
| JPMORGAN CHASE & CO | 4,380 | $118K | 0.1% | 2025-Q3 stale |
| CoreCap Advisors, LLC added | 3,893 | $108K | 0.1% | 2025-Q4 stale |
| Wood Tarver Financial Group, LLC | 2,754 | $71K | 0.1% | 2025-Q2 stale |
| CWM, LLC new | 400 | $10K | 0.0% | 2025-Q2 stale |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | 0 | — | 0.0% | 2025-Q2 stale |
Ownership over time
Tracked institutional holder count and total shares held by filing quarter (independent scales). The curated-era tail and any mid-ingest latest quarter are handled honestly — a partial quarter is not drawn as a collapse.
Reading this table
Funds hold the same stock for different reasons — an index fund “holds” almost everything, an active manager sizes a name to a mandate and a benchmark, and each fund entered at its own price and time. Because 13F is filed up to 45 days after quarter-end, every row is a backward-looking snapshot; a manager may have traded since. Share-class siblings (a company’s A and C shares) are rolled up to one line so a dual-class name is never double-counted. Compare like-for-like. A large holder is not an endorsement, and a fund exiting is not a warning — this is a starting question, not a verdict.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It covers long US-listed equities only — not short positions, options, cash, or private holdings — and the funds shown are the large sample we track, not the complete 13F universe.