From the Nagra literature, it appears the HD uses a single active stage which is a 6dj8 with the plates in parallel, configured as a cathode follower. A cathode follower has zero gain but it has a very low output impedance. This single active stage is really just a buffer that feeds a transformer volume control which lowers the output impedance even more. A transformer can be configured to provide some gain although you then lose the benefit of the lowered output impedance.
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