Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Nuveen Churchill Direct Lend (NCDL)

68 + Investors. Track Smart Money conviction in NCDL. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
→ 0
Streak
1Q —
Buyers last Q
47%

Smart Money Signals — NCDL

Based on 68 hedge funds · latest filing: 2026 Q2 · updated quarterly

➡️

No change last quarter

last 6Q
The number of hedge funds holding this stock didn't change last quarter. Neither a buying nor selling signal on its own — watch the next quarter for direction.
📊

High ownership — 84% of 3.0Y peak

84% of all-time peak
68 funds currently hold this stock — 84% of the 3.0-year high of 81 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉

Outflows — 4% fewer funds vs a year ago

fund count last 6Q
3 fewer hedge funds hold NCDL compared to a year ago (-4% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠

More sellers than buyers — 47% buying

33 buying37 selling
Last quarter: 37 funds reduced or exited vs 33 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 — ~14 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 20 → 18 → 9 → 14. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌

Mixed — 26% long-term, 28% new

■ 26% conviction (2yr+) ■ 46% medium ■ 28% new
Of the 68 current holders: 18 (26%) held >2 years, 31 held 1–2 years, and 19 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
📊

Peak discovery — momentum slowing

12 → 20 → 18 → 9 → 14 new funds/Q
New funds entering each quarter: 20 → 18 → 9 → 14. NCDL is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
📊

Mixed cohorts — 18% veterans, 37% new entrants

■ 18% veterans ■ 46% 1-2yr ■ 37% new
Of 68 current holders: 12 (18%) held 2+ years, 31 held 1–2 years, 25 (37%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅

Strong quality — 25% AUM from major funds

25% from top-100 AUM funds
14 of 68 holders rank in the top 100 by AUM, accounting for 25% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
3.0
out of 10
Low Exit Risk
Exit risk score 3.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — NCDL

In 2026 Q2, 33 hedge funds were net buyers of NCDL (14 opened a new position, 19 added to an existing one), while 37 reduced or exited (23 trimmed, 14 sold completely) — a 47% buyer ratio, indicating roughly balanced activity. 25% of total institutional value in NCDL is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: flat (entries and exits balanced). Total institutional holders: 68.

Hedge Fund Ownership: NCDL

How many hedge funds hold NCDL — quarterly history vs. share price
Quarterly hedge fund ownership of NCDL vs. share price

Market Analysis: NCDL

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: NCDL

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Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Loading signal freshness…
Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

3 top-rated funds 1 high-conviction
Consensus
2.6
/ 10
breadth
×
Elite
1.4
/ 10
conviction
Hedge Fund Positioning: NCDL
68 + Investors

Track Smart Money conviction in NCDL. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q2) Prior (2026 Q1) Change
Funds Holding 68 68 -
13F Shares 16M 16M 0.5%
Total Value $195M $191M 2.32%
New Positions 14 9 +5
Increased Positions 19 26 -7
Closed Positions 14 22 -8
Reduced Positions 23 19 +4
Total Calls 0 0 -
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: NCDL

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Institutional Holders (2026 Q2)

68 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in NCDL. Verified SEC 13F-HR filings.

QUARTER:
Top 25 NCDL holders by conviction (% of portfolio weight) — 2026 Q2 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Blue Owl Capital Holdings LP 4.01% 2,143,626 $26.6M
2 Opal Wealth Advisors, LLC 1.70% 634,271 $7.9M
3 GraniteShares Advisors LLC 1.61% 201,777 $2.5M
4 Closed-End Fund Advisors, Inc. 1.53% 126,329 $1.6M
5 Centurion Wealth Management LLC 0.93% 312,308 $3.9M
6 Bulldog Investors, LLP 0.69% 251,034 $3.1M
7 Diameter Capital Partners LP 0.61% 604,645 $7.5M
8 Ares Management LLC 0.52% 958,826 $11.9M
9 Callodine Capital Management, LP 0.32% 398,400 $4.9M
10 Almitas Capital LLC 0.21% 70,160 $871K
11 Adams Asset Advisors, LLC 0.19% 132,279 $1.6M
12 Hennion & Walsh Asset Management, Inc. 0.16% 442,680 $5.5M
13 Hudson Value Partners, LLC 0.12% 37,720 $468K
14 Beacon Bridge Wealth Partners, LLC 0.12% 33,113 $411K
15 Prota Financial, LLC 0.10% 12,240 $155K
16 Bearing Point Capital, LLC 0.09% 54,700 $679K
17 Dudley Capital Management, LLC 0.09% 17,750 $220K
18 Virtus Investment Advisers, LLC 0.08% 26,180 $325K
19 Aprio Wealth Management, LLC 0.06% 105,017 $1.3M
20 Nottingham Advisors, INC. 0.06% 39,353 $496K
21 Saba Capital Management, L.P. 0.06% 177,776 $2.2M
22 Accurate Wealth Management, LLC 0.05% 43,862 $565K
23 Brown Brothers Harriman & Co 0.05% 921,978 $11.5M
24 QTR Family Wealth, LLC 0.04% 10,024 $124K
25 Corient Private Wealth LP 0.03% 1,613,098 $20.0M
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Nuveen Churchill Direct Lend (NCDL)

What does the Smart Money Trend signal show for NCDL?

No change last quarter: The number of hedge funds holding this stock didn't change last quarter. Neither a buying nor selling signal on its own — watch the next quarter for direction.

What is the institutional breadth score for NCDL?

More sellers than buyers — 47% buying: Last quarter: 37 funds reduced or exited vs 33 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.

What is the fund quality score for NCDL holders?

Strong quality — 25% AUM from major funds: 14 of 68 holders rank in the top 100 by AUM, accounting for 25% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

How long have hedge funds held NCDL?

Mixed — 26% long-term, 28% new: Of the 68 current holders: 18 (26%) held >2 years, 31 held 1–2 years, and 19 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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