National Bank Holdings
NBHC
227 hedge funds and large institutions have $1.4B invested in National Bank Holdings in 2025 Q4 according to their latest regulatory filings, with 42 funds opening new positions, 77 increasing their positions, 83 reducing their positions, and 20 closing their positions.
110% more first-time investments, than exits
New positions opened: 42 | Existing positions closed: 20
10% more funds holding
Funds holding: 207 → 227 (+20)
0.02% more ownership
Funds ownership: 97.15% → 97.17% (+0.02%)
0% more funds holding in top 10
Funds holding in top 10: 1 → 1 (0)
2% less capital invested
Capital invested by funds: $1.43B → $1.4B (-$31.2M)
7% less repeat investments, than reductions
Existing positions increased: 77 | Existing positions reduced: 83
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
DRZID
DePrince Race & Zollo Inc (DRZ)
Winter Park,
Florida
|
+$29.9M |
| 2 |
AQR Capital Management
Greenwich,
Connecticut
|
+$9.42M |
| 3 |
Russell Investments Group
London,
United Kingdom
|
+$8.99M |
| 4 |
ECA
Endeavour Capital Advisors
Greenwich,
Connecticut
|
+$6.6M |
| 5 |
HSBC Holdings
London,
United Kingdom
|
+$6.46M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Assenagon Asset Management
Senningerberg,
Luxembourg
|
-$25.9M |
| 2 |
Wellington Management Group
Boston,
Massachusetts
|
-$18.5M |
| 3 |
Victory Capital Management
San Antonio,
Texas
|
-$13.2M |
| 4 |
First Trust Advisors
Wheaton,
Illinois
|
-$12M |
| 5 |
EF
Empowered Funds
Havertown,
Pennsylvania
|
-$5.61M |
NBHC Hedge Fund Activity: Q4 2025 in Review
227 of the 8,267 institutional investors tracked by Wall St. Rank reported a position in National Bank Holdings (NBHC) for Q4 2025, worth a combined $1.4B — down 2.2% from $1.43B a quarter earlier.
Buyers outnumbered sellers: 42 funds opened new NBHC positions and 20 closed out — a net gain of 22 holders — while 77 added to existing stakes and 83 trimmed.
The largest buyer was DePrince Race & Zollo Inc (DRZ), adding an estimated $29.9M. The largest seller was Assenagon Asset Management, exiting entirely with an estimated $25.9M sold.
- 227 institutional investors held National Bank Holdings (NBHC) as of Q4 2025, up from 207 in Q3 2025.
- Funds reported $1.4B of National Bank Holdings stock for Q4 2025, down 2.2% quarter-over-quarter.
- 42 funds opened new National Bank Holdings positions in Q4 2025 and 20 closed out, a net change of +22 holders.
- The largest National Bank Holdings buyer in Q4 2025 was DePrince Race & Zollo Inc (DRZ), an estimated $29.9M added.
- The largest National Bank Holdings seller in Q4 2025 was Assenagon Asset Management, an estimated $25.9M sold.
Based on aggregated 13F filings for Q4 2025.