National CineMedia
NCMI
104 hedge funds and large institutions have $251M invested in National CineMedia in 2026 Q1 according to their latest regulatory filings, with 24 funds opening new positions, 37 increasing their positions, 29 reducing their positions, and 17 closing their positions.
41% more first-time investments, than exits
New positions opened: 24 | Existing positions closed: 17
28% more repeat investments, than reductions
Existing positions increased: 37 | Existing positions reduced: 29
4% more funds holding
Funds holding: 100 → 104 (+4)
1.05% more ownership
Funds ownership: 87.29% → 88.35% (+1.1%)
0% more funds holding in top 10
Funds holding in top 10: 1 → 1 (0)
21% less capital invested
Capital invested by funds: $319M → $251M (-$67.6M)
65% less call options, than puts
Call options by funds: $96K | Put options by funds: $272K
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Hotchkis & Wiley Capital Management
Los Angeles,
California
|
+$6.88M |
| 2 |
ER
EVR Research
Richmond,
Virginia
|
+$3.62M |
| 3 |
LCG
Luxor Capital Group
New York
|
+$2.43M |
| 4 |
BCM
Bridgeway Capital Management
Houston,
Texas
|
+$741K |
| 5 |
ZA
Zazove Associates
Incline Village,
Nevada
|
+$708K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
SA
Sycale Advisors
New York
|
-$5.58M |
| 2 |
First Eagle Investment Management
New York
|
-$2.88M |
| 3 |
OAG
Orbis Allan Gray
Hamilton,
Bermuda
|
-$1.35M |
| 4 |
GC
Gratia Capital
Los Angeles,
California
|
-$1.17M |
| 5 |
Millennium Management
New York
|
-$651K |
NCMI Hedge Fund Activity: Q1 2026 in Review
104 of the 8,191 institutional investors tracked by Wall St. Rank reported a position in National CineMedia (NCMI) for Q1 2026, worth a combined $251M — down 21% from $319M a quarter earlier.
Buyers outnumbered sellers: 24 funds opened new NCMI positions and 17 closed out — a net gain of 7 holders — while 37 added to existing stakes and 29 trimmed.
The largest buyer was Hotchkis & Wiley Capital Management, adding an estimated $6.88M. The largest seller was Sycale Advisors, cutting an estimated $5.58M.
- 104 institutional investors held National CineMedia (NCMI) as of Q1 2026, up from 100 in Q4 2025.
- Funds reported $251M of National CineMedia stock for Q1 2026, down 21% quarter-over-quarter.
- 24 funds opened new National CineMedia positions in Q1 2026 and 17 closed out, a net change of +7 holders.
- The largest National CineMedia buyer in Q1 2026 was Hotchkis & Wiley Capital Management, an estimated $6.88M added.
- The largest National CineMedia seller in Q1 2026 was Sycale Advisors, an estimated $5.58M sold.
Based on aggregated 13F filings for Q1 2026.