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Norwegian Cruise Line
NCLH

644 hedge funds and large institutions have $9.2B invested in Norwegian Cruise Line in 2025 Q3 according to their latest regulatory filings, with 108 funds opening new positions, 199 increasing their positions, 193 reducing their positions, and 73 closing their positions.

New
Increased
Maintained
Reduced
Closed

63% more funds holding in top 10

Funds holding in top 10: 8 → 13 (+5)

48% more first-time investments, than exits

New positions opened: 108 | Existing positions closed: 73

28% more capital invested

Capital invested by funds: $7.19B → $9.2B (+$2.01B)

5% more funds holding

Funds holding: 616 → 644 (+28)

3.31% more ownership

Funds ownership: 79.38% → 82.69% (+3.3%)

3% more repeat investments, than reductions

Existing positions increased: 199 | Existing positions reduced: 193

18% less call options, than puts

Call options by funds: $378M | Put options by funds: $463M

Holders
644
Holders Change
+28
Holders Change %
+4.55%
% of All Funds
8.45%
Holding in Top 10
13
Holding in Top 10 Change
+5
Holding in Top 10 Change %
+62.5%
% of All Funds
0.17%
New
108
Increased
199
Reduced
193
Closed
73
Calls
$378M
Puts
$463M
Net Calls
-$84.5M
Net Calls Change
-$16.9M

Top Buyers

1
Goldman Sachs
Goldman Sachs
New York
+$166M
2
Bank of America
Bank of America
North Carolina
+$105M
3
UBS Group
UBS Group
Switzerland
+$96M
4
Point72 Asset Management
Point72 Asset Management
Connecticut
+$74M
5
Citadel Advisors
Citadel Advisors
Florida
+$69.9M

Top Sellers

1
Marshall Wace
Marshall Wace
United Kingdom
-$63.7M
2
Two Sigma Investments
Two Sigma Investments
New York
-$63.2M
3
Squarepoint
Squarepoint
New York
-$58.9M
4
Millennium Management
Millennium Management
New York
-$56.7M
5
Invesco
Invesco
Georgia
-$50.9M
Name Holding Trade Value Shares
Change 		Change in
Stake
FS
576
Financially Speaking
Colorado
$2.46K – – –
FNWA
577
Financial Network Wealth Advisors
Utah
$2.46K – – –
FFC
578
First Financial Corp
Indiana
$2.46K – – –
FPF
579
First Pacific Financial
Washington
$2.46K – – –
FUBT
580
First United Bank & Trust
Maryland
$2.46K – – –
FGA
581
Fortis Group Advisors
New Jersey
$2.46K – – –
FIM
582
FWL Investment Management
Texas
$2.46K – – –
GFA
583
Gladwyn Financial Advisors
Virginia
$2.46K – – –
HC
584
Hurley Capital
New York
$2.46K – – –
IWM
585
Inlight Wealth Management
Georgia
$2.46K – – –
KTC
586
Kentucky Trust Company
Kentucky
$2.46K – – –
MWM
587
Mascoma Wealth Management
New Hampshire
$2.46K – – –
NFSG
588
Newbridge Financial Services Group
Florida
$2.46K – – –
NECFA
589
New England Capital Financial Advisors
Connecticut
$2.46K – – –
OC
590
Oakworth Capital
Alabama
$2.46K – – –
PA
591
Pineridge Advisors
Missouri
$2.46K – – –
WPA
592
Wealth Preservation Advisors
Tennessee
$2.46K – – –
WFA
593
West Financial Advisors
Iowa
$2.46K – – –
AWA
594
American Wealth Advisors
Georgia
$2.46K +$2.43K +100 New
BL
595
BFSG LLC
California
$2.46K +$2.43K +100 New
FGAM
596
Financial Gravity Asset Management
Texas
$2.46K +$2.43K +100 New
PIS
597
POM Investment Strategies
North Carolina
$2.46K +$2.43K +100 New
ATC
598
Adirondack Trust Company
New York
$2.46K – – –
HHMI
599
Howard Hughes Medical Institute
Maryland
$2.39K +$49 +2 +2%
OP
600
ORG Partners
Indiana
$2.26K +$292 +12 +15%
22 23
24
25 26

NCLH Hedge Fund Activity: Q3 2025 in Review

644 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Norwegian Cruise Line (NCLH) for Q3 2025, worth a combined $9.2B — up 28% from $7.19B a quarter earlier.

Buyers outnumbered sellers: 108 funds opened new NCLH positions and 73 closed out — a net gain of 35 holders — while 199 added to existing stakes and 193 trimmed.

The largest buyer was Goldman Sachs, adding an estimated $166M. The largest seller was Marshall Wace, cutting an estimated $63.7M.

  • 644 institutional investors held Norwegian Cruise Line (NCLH) as of Q3 2025, up from 616 in Q2 2025.
  • Funds reported $9.2B of Norwegian Cruise Line stock for Q3 2025, up 28% quarter-over-quarter.
  • 108 funds opened new Norwegian Cruise Line positions in Q3 2025 and 73 closed out, a net change of +35 holders.
  • The largest Norwegian Cruise Line buyer in Q3 2025 was Goldman Sachs, an estimated $166M added.
  • The largest Norwegian Cruise Line seller in Q3 2025 was Marshall Wace, an estimated $63.7M sold.

Based on aggregated 13F filings for Q3 2025.