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National CineMedia
NCMI

100 hedge funds and large institutions have $319M invested in National CineMedia in 2025 Q4 according to their latest regulatory filings, with 10 funds opening new positions, 36 increasing their positions, 36 reducing their positions, and 18 closing their positions.

New
Increased
Maintained
Reduced
Closed

10,600% more call options, than puts

Call options by funds: $107K | Put options by funds: $1K

2.07% more ownership

Funds ownership: 85.22% → 87.29% (+2.1%)

0% more repeat investments, than reductions

Existing positions increased: 36 | Existing positions reduced: 36

7% less funds holding

Funds holding: 108 → 100 (-8)

12% less capital invested

Capital invested by funds: $360M → $319M (-$41.6M)

44% less first-time investments, than exits

New positions opened: 10 | Existing positions closed: 18

50% less funds holding in top 10

Funds holding in top 10: 2 → 1 (-1)

Holders
100
Holders Change
-8
Holders Change %
-7.41%
% of All Funds
1.22%
Holding in Top 10
1
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-50%
% of All Funds
0.01%
New
10
Increased
36
Reduced
36
Closed
18
Calls
$107K
Puts
$1K
Net Calls
+$106K
Net Calls Change
-$3.09M

Top Buyers

Rank Fund Capital Flow
1
OAG
Orbis Allan Gray
Bermuda
+$17.5M
2
Bank of New York Mellon
Bank of New York Mellon
New York
+$2.02M
3
Barclays
Barclays
United Kingdom
+$1.92M
4
Dimensional Fund Advisors
Dimensional Fund Advisors
Texas
+$668K
5
BlackRock
BlackRock
New York
+$651K

Top Sellers

Rank Fund Capital Flow
1
SA
Sycale Advisors
New York
-$3.75M
2
Wellington Management Group
Wellington Management Group
Massachusetts
-$3.24M
3
AA
Ancora Advisors
Ohio
-$1.22M
4
VOYA Investment Management
VOYA Investment Management
Georgia
-$1.13M
5
TI
Trexquant Investment
Connecticut
-$1.11M
Name Holding Trade Value Shares
Change 		Change in
Stake
UBS Group
26
UBS Group
Switzerland
$1.05M +$274K +66,041 +32%
ZA
27
Zazove Associates
Nevada
$1M +$320K +77,136 +43%
Citadel Advisors
28
Citadel Advisors
Florida
$928K -$253K -61,128 -20%
Ameriprise
29
Ameriprise
Minnesota
$918K – – –
Millennium Management
30
Millennium Management
New York
$651K -$183K -44,104 -21%
Invesco
31
Invesco
Georgia
$569K -$68.4K -16,523 -10%
American Century Companies
32
American Century Companies
Missouri
$567K +$112 +27 +0%
Jane Street
33
Jane Street
New York
$558K -$206K -49,669 -26%
HCA
34
Harbor Capital Advisors
Illinois
$536K +$57K +13,754 +11%
QCM
35
Quantinno Capital Management
New York
$529K +$469K +113,240 +500%
PRCP
36
Pacific Ridge Capital Partners
Oregon
$485K +$22.5K +5,440 +5%
N
37
Nuveen
North Carolina
$401K – – –
ER
38
EVR Research
Virginia
$389K +$414K +100,000 New
Verition Fund Management
39
Verition Fund Management
Connecticut
$384K +$169K +40,875 +71%
SEI Investments
40
SEI Investments
Pennsylvania
$381K – – –
SDIC
41
South Dakota Investment Council
South Dakota
$378K – – –
Creative Planning
42
Creative Planning
Kansas
$367K +$220K +53,109 +128%
RhumbLine Advisers
43
RhumbLine Advisers
Massachusetts
$343K -$34.3K -8,292 -9%
Russell Investments Group
44
Russell Investments Group
United Kingdom
$334K -$461K -111,324 -56%
Deutsche Bank
45
Deutsche Bank
Germany
$326K -$208K -50,315 -38%
Wells Fargo
46
Wells Fargo
California
$289K +$104K +25,196 +51%
EC
47
EntryPoint Capital
New York
$216K +$17.2K +4,142 +8%
Bank of America
48
Bank of America
North Carolina
$210K +$95.7K +23,099 +75%
BAM
49
Byrne Asset Management
New Jersey
$206K +$132K +31,830 +150%
State of Wisconsin Investment Board
50
State of Wisconsin Investment Board
Wisconsin
$157K +$8.29K +2,000 +5%
1
2
3 4 5

NCMI Hedge Fund Activity: Q4 2025 in Review

100 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in National CineMedia (NCMI) for Q4 2025, worth a combined $319M — down 12% from $360M a quarter earlier.

Sellers outnumbered buyers: 18 funds closed out of NCMI and 10 opened new positions — a net loss of 8 holders — while 36 trimmed existing stakes and 36 added.

The largest buyer was Orbis Allan Gray, adding an estimated $17.5M. The largest seller was Sycale Advisors, cutting an estimated $3.75M.

  • 100 institutional investors held National CineMedia (NCMI) as of Q4 2025, down from 108 in Q3 2025.
  • Funds reported $319M of National CineMedia stock for Q4 2025, down 12% quarter-over-quarter.
  • 10 funds opened new National CineMedia positions in Q4 2025 and 18 closed out, a net change of -8 holders.
  • The largest National CineMedia buyer in Q4 2025 was Orbis Allan Gray, an estimated $17.5M added.
  • The largest National CineMedia seller in Q4 2025 was Sycale Advisors, an estimated $3.75M sold.

Based on aggregated 13F filings for Q4 2025.