Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Norwegian Cruise Line Hldgs (NCLH)

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

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -1
Streak
2Q ▼
Buyers last Q
49%

Smart Money Signals — NCLH

Based on 639 hedge funds · latest filing: 2026 Q2 · updated quarterly

📉

Selling streak — 2 quarters in a row

last 6Q
For 2 consecutive quarters, more hedge funds reduced or closed their NCLH 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 (95% of max)

95% of all-time peak
639 hedge funds hold NCLH 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.
〰️

Stable — ownership unchanged year-over-year

fund count last 6Q
The number of hedge funds holding NCLH is almost the same as a year ago (+17 funds, +3% change). No significant rush to buy or sell — institutional backing is holding steady.
🟠

More sellers than buyers — 49% buying

312 buying322 selling
Last quarter: 322 funds reduced or exited vs 312 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.
⚠️

Fewer new buyers each quarter (-8 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 106 → 114 → 109 → 101. 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.
🔒

63% of holders stayed for 2+ years

■ 63% conviction (2yr+) ■ 19% medium ■ 18% new
404 out of 639 hedge funds have held NCLH 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 +28% but shares only +9% — price-driven

Value
+27%
Shares
+9%
Last quarter: the total dollar value of institutional holdings rose +28%, but actual share count only changed +9%. 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.
➡️

Steady discovery — ~101 new funds/quarter

84 → 106 → 114 → 109 → 101 new funds/Q
New funds entering each quarter: 106 → 114 → 109 → 101. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️

Veteran-anchored — 69% veterans vs 20% newcomers

■ 69% veterans ■ 11% 1-2yr ■ 20% new
Entry-cohort mix of 694 holders: 481 (69%) are 2+ year veterans, 77 entered 1–2 years ago, and 136 (20%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆

Elite ownership — 53% AUM from top-100 funds

53% from top-100 AUM funds
65 of 632 holders are among the 100 largest funds by AUM, controlling 53% of total institutional value in NCLH. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
3.3
out of 10
Low Exit Risk
Exit risk score 3.3/10 — 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 — NCLH

In 2026 Q2, 312 hedge funds were net buyers of NCLH (101 opened a new position, 211 added to an existing one), while 322 reduced or exited (220 trimmed, 102 sold completely) — a 49% buyer ratio, indicating roughly balanced activity. Net selling has persisted for two consecutive quarters. 53% of total institutional value in NCLH is held by top-100 AUM funds, reflecting elite-tier ownership quality. Net fund flow last quarter: -1 funds (more exits than new entries). Total institutional holders: 639.

Hedge Fund Ownership: NCLH

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

Market Analysis: NCLH

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: NCLH

-- --

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.

23 top-rated funds 3 high-conviction
Consensus
6.0
/ 10
breadth
×
Elite
2.5
/ 10
conviction
Hedge Fund Positioning: NCLH
2026 Q3 Stats Unlock in 46 days 622 + Investors

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

Metric All 13F Filers (2026 Q2) Prior (2026 Q1) Change
Funds Holding 622 640 -2.81%
13F Shares 505M 473M 6.67%
Total Value $10.26B $8.44B 21.55%
New Positions 97 109 -12
Increased Positions 198 203 -5
Closed Positions 108 114 -6
Reduced Positions 201 184 +17
Total Calls 31 32 -3.12%
Total Puts 31 26 19.23%
PUT/CALL Ratio 1.0 0.81 Neutral

Statistics: NCLH

View More

Valuation Measures Data as of: --

Market Cap --
Enterprise Value --
Trailing P/E --
Forward P/E --
PEG Ratio (5yr expected) --
Price/Sales (ttm) --
Price/Book (mrq) --
Enterprise Value/Revenue --
Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

Profitability
Profit Margin --
Return on Assets (ttm) --
Return on Equity (ttm) --
Income Statement & Cash Flow
Revenue (ttm) --
Net Income Avi to Common (ttm) --
Diluted EPS (ttm) --
Total Cash (mrq) --
Total Debt/Equity (mrq) --
Levered Free Cash Flow (ttm) --

Institutional Holders (2026 Q2)

622 + investors

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

QUARTER:
Top 25 NCLH holders by conviction (% of portfolio weight) — 2026 Q2 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Hound Partners, LLC 16.38% 6,694,773 $141.3M
2 Columbus Hill Capital Management, L.P. 5.47% 2,660,601 $56.2M
3 Forest Avenue Capital Management LP 5.46% 6,153,171 $129.9M
4 Greenhouse Funds LLLP 5.11% 4,733,164 $99.9M
5 Patient Capital Management, LLC 4.17% 6,029,642 $127.3M
6 Mizuho Markets Americas LLC 3.77% 11,385,000 $240.3M
7 Kettle Hill Capital Management, LLC 3.63% 699,167 $14.8M
8 Nearwater Capital Markets, Ltd 3.45% 9,465,000 $199.8M
9 Ariel Investments, LLC 3.25% 15,430,947 $325.7M
10 M.E. Allison & CO., INC. 1.71% 140,510 $3.0M
11 Campbell Capital Management Inc 1.59% 210,000 $4.4M
12 Savoir Faire Capital Management, L.P. 1.53% 116,885 $2.5M
13 Nordwand Advisors, LLC 1.39% 428,355 $9.0M
14 Orvieto Partners, L.P. 1.37% 100,000 $2.1M
15 Elliott Investment Management L.P. 1.37% 14,686,000 $310.0M
16 Expect Equity LLC 1.34% 98,647 $2.1M
17 Lombard Odier Asset Management (USA) Corp 1.16% 400,000 $8.4M
18 Twin Lakes Capital Management, LLC 1.16% 143,183 $3.0M
19 Greenhouse Funds LLLP 1.08% 1,000,000 $21.1M
20 Unifi Asset Management LP 0.93% 61,105 $1.4M
21 Tremblant Capital Group 0.92% 1,512,176 $31.9M
22 Future Fund LLC 0.86% 142,881 $3.0M
23 Oceanic Investment Management LTD 0.68% 25,032 $528K
24 Vaughan Nelson Investment Management, L.P. 0.61% 3,243,024 $68.5M
25 Capitolis Liquid Global Markets LLC 0.59% 6,463,695 $136.4M
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 — Norwegian Cruise Line Hldgs (NCLH)

What does the Smart Money Trend signal show for NCLH?

Selling streak — 2 quarters in a row: For 2 consecutive quarters, more hedge funds reduced or closed their NCLH positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for NCLH?

More sellers than buyers — 49% buying: Last quarter: 322 funds reduced or exited vs 312 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 NCLH holders?

Elite ownership — 53% AUM from top-100 funds: 65 of 632 holders are among the 100 largest funds by AUM, controlling 53% of total institutional value in NCLH. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.

How long have hedge funds held NCLH?

63% of holders stayed for 2+ years: 404 out of 639 hedge funds have held NCLH 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.

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.

Full history →