Lindblad Expeditions Holdings Inc.

LIND • NASDAQ

Lindblad Expeditions Holdings Inc. is a travel services company in the consumer cyclical sector on NASDAQ, led by Natalya Leahy, with a market cap of $765.6M. As of Q3 2025, 72% of shares are held by 173 institutional investors, with ARIEL INVESTMENTS, LLC as the largest holder at 10.08%.

Chief Executive OfficerNatalya Leahy

Market Cap$765.6M

Travel Services

Consumer Cyclical

Employees950.0

Websiteexpeditions.com

Country

United States of America

Overview

Overview of institutional ownership in LIND as of Q3 2025 with a market cap of $701.3M

All Institutions

Institutions: 173
Value Held: $503.9M
Shares Held: 39.4M
Avg Position: $2.9M
Median Position: $427.4K

Hedge Funds

Hedge Funds: 25
Value Held: $70.3M
Shares Held: 5.5M
Avg Position: $2.8M
Median Position: $1.1M

Ownership Breakdown

Institutional (non-HF)

61.82%

$433.6M

Hedge Funds

10.03%

$70.3M

Retail & Other

28.15%

$197.4M

Based on market cap of $701.3M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in LIND as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
ARIEL INVESTMENTS, LLC Long Only Manager	John Washington Rogers CEO	$70.7M 0.76% of portfolio	10.08% 5.5M shares	Q4 2021 Held for 3y 11m	$9.4B
B BlackRock, Inc. Institution	-	$41.0M 0.00% of portfolio	5.85% 3.2M shares	Q2 2016 Held for 9y 5m	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$29.9M 0.00% of portfolio	4.26% 2.3M shares	Q3 2015 Held for 10y 2m	$6.69T
ANCHOR CAPITAL MANAGEMENT COMPANY, LLC Institution	Garrett Thomas Waters CEO	$24.5M 21.05% of portfolio	3.49% 1.9M shares	Q4 2023 Held for 1y 11m	$116.2M
PRINCIPAL FINANCIAL GROUP INC Institution	Deanna Strable CEO	$17.4M 0.01% of portfolio	2.48% 1.4M shares	Q4 2019 Held for 5y 11m	$197.71B
R ROYCE & ASSOCIATES LLC Institution	-	$14.3M 0.14% of portfolio	2.05% 1.1M shares	Q4 2015 Held for 9y 11m	$10.0B
Black Diamond Financial, LLC RIA/Wealth	Matthew Paul Goette Member	$13.7M 1.53% of portfolio	1.95% 1.1M shares	Q1 2023 Held for 2y 8m	$892.5M
PENN CAPITAL MANAGEMENT CO INC Long Only Manager	Pamela Marie Lawrence President	$12.4M 0.95% of portfolio	1.77% 969.5K shares	Q4 2024 Held for 11 months	$1.3B
PINNACLE ASSOCIATES LTD Long Only Manager	Joel Michael Heyman President	$12.3M 0.16% of portfolio	1.76% 962.5K shares	Q1 2023 Held for 2y 8m	$7.5B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$11.6M 0.00% of portfolio	1.65% 903.2K shares	Q3 2015 Held for 10y 2m	$1.57T

Net Capital Flow

Institutional buying and selling activity for LIND in Q3 2025

Traded: +$32.2M
Buyers: 101
Sellers: 61
Total Bought: +$67.1M
Total Sold: −$34.9M
Avg Position: $2.6M

Biggest Buyers

Institution	Net Bought	Current Position
Bank of New York Mellon Corp Institution	+$9.7M +754.7K shares	$10.9M 848.5K shares
Pier Capital, LLC Long Only Manager	+$6.1M +474.7K shares	$6.1M 474.7K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$5.7M +446.3K shares	$10.7M 834.2K shares
LORD, ABBETT & CO. LLC Long Only Manager	+$4.2M +330.9K shares	$4.2M 330.9K shares
ALGERT COLDIRON INVESTORS LLC Hedge Fund•Quant	+$3.2M +247.7K shares	$7.0M 548.9K shares
B BlackRock, Inc. Institution	+$2.8M +215.0K shares	$41.0M 3.2M shares
DRIEHAUS CAPITAL MANAGEMENT LLC Hedge Fund•Event Driven	+$2.7M +210.2K shares	$10.8M 842.7K shares
MORGAN STANLEY RIA/Wealth	+$2.3M +175.9K shares	$6.6M 518.9K shares
GOLDMAN SACHS GROUP INC Institution	+$2.2M +174.4K shares	$4.4M 342.0K shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	+$2.0M +157.8K shares	$9.6M 750.8K shares

Biggest Sellers

Institution	Net Sold	Current Position
ARIEL INVESTMENTS, LLC Long Only Manager	−$17.5M −1.4M shares	$70.7M 5.5M shares
Gotham Asset Management, LLC Hedge Fund•Long/Short	−$2.5M −57.7K shares	Sold Off 0 shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$1.7M −143.3K shares	Sold Off 0 shares
HARBOR CAPITAL ADVISORS, INC. ETF Provider	−$1.1M −85.3K shares	$449.9K 35.1K shares
R ROYCE & ASSOCIATES LLC Institution	−$1.0M −79.3K shares	$14.3M 1.1M shares
J JANE STREET GROUP, LLC Institution	−$1.0M −78.4K shares	$557.2K 43.5K shares
R RICE HALL JAMES & ASSOCIATES, LLC Long Only Manager	−$973.6K −76.1K shares	$2.1M 165.9K shares
ExodusPoint Capital Management, LP Hedge Fund•Multi-Strategy	−$796.0K −68.2K shares	Sold Off 0 shares
UBS Group AG Institution	−$690.5K −53.9K shares	$6.8M 527.7K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$598.0K −51.2K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited LIND in Q3 2025

New Positions: 16
New Value: $4.6M
Exited Positions: 17
Exited Value: $7.9M

New Positions

Institution	Position Value
WEDGE CAPITAL MANAGEMENT L L P/NC Long Only Manager	$1.5M 119.4K shares
ARISTEIA CAPITAL LLC Hedge Fund•Multi-Strategy	$529.0K 41.3K shares
CWM Advisors, LLC ETF Provider	$458.0K 35.8K shares
V VIRGINIA RETIREMENT SYSTEMS ET AL Institution	$435.2K 34.0K shares
Aristides Capital LLC Real Assets	$320.0K 25.0K shares
Integrated Quantitative Investments LLC Long Only Manager	$254.7K 19.9K shares
JT Stratford LLC RIA/Wealth	$202.5K 15.8K shares
GWN SECURITIES INC. RIA/Wealth	$198.0K 15.4K shares
C CAXTON ASSOCIATES LLP Institution	$172.8K 13.5K shares
Quantinno Capital Management LP Hedge Fund•Market Neutral	$170.6K 13.3K shares

Exited Positions

Institution	Previous Position
Gotham Asset Management, LLC Hedge Fund•Long/Short	$2.5M 57.7K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.7M 143.3K shares
ExodusPoint Capital Management, LP Hedge Fund•Multi-Strategy	$796.0K 68.2K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$598.0K 51.2K shares
F FOX RUN MANAGEMENT, L.L.C. Hedge Fund•Quant	$511.8K 43.9K shares
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$368.5K 31.6K shares
Summit Global Investments Long Only Manager	$295.6K 25.3K shares
S State of Wyoming Institution	$285.7K 24.5K shares
JUPITER ASSET MANAGEMENT LTD Long Only Manager	$207.8K 17.8K shares
S SHERBROOKE PARK ADVISERS LLC Hedge Fund•Quant	$204.9K 17.6K shares

Options Activity

Institutions with the largest Call and Put options positions in LIND as of Q3 2025

Call Positions: 1
Call Value: -
Put Positions: 2
Put Value: $227.8K

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	- - contracts

Put Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$227.8K 178.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	- - contracts

Most Committed Institutions

Institutions with LIND as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
ANCHOR CAPITAL MANAGEMENT COMPANY, LLC Institution	Garrett Thomas Waters CEO	21.05% $24.5M	3.49% 1.9M shares	Q4 2023 Held for 1y 11m	$116.2M
FORMULA GROWTH LTD Hedge Fund•Long/Short	Randall William Kelly President	1.85% $5.3M	0.76% 416.7K shares	Q3 2023 Held for 2y 2m	$288.3M
Black Diamond Financial, LLC RIA/Wealth	Matthew Paul Goette Member	1.53% $13.7M	1.95% 1.1M shares	Q1 2023 Held for 2y 8m	$892.5M
H Hedges Asset Management LLC RIA/Wealth	William Thomas Hedges Managing Partner	1.39% $1.8M	0.26% 141.3K shares	Q4 2021 Held for 3y 11m	$130.6M
PENN CAPITAL MANAGEMENT CO INC Long Only Manager	Pamela Marie Lawrence President	0.95% $12.4M	1.77% 969.5K shares	Q4 2024 Held for 11 months	$1.3B
Pier Capital, LLC Long Only Manager	Jan Eric Parsons Chairman	0.95% $6.1M	0.87% 474.7K shares	Q3 2025 Held for 2 months	$639.8M
ARIEL INVESTMENTS, LLC Long Only Manager	John Washington Rogers CEO	0.76% $70.7M	10.08% 5.5M shares	Q4 2021 Held for 3y 11m	$9.4B
Aperture Investors, LLC Hedge Fund•Multi-Strategy	Peter Steven Kraus CEO	0.61% $4.4M	0.63% 343.7K shares	Q3 2020 Held for 5y 2m	$719.9M
Hunter Associates inc. RIA/Wealth	Erica Lynn Snyder CEO	0.44% $2.9M	0.42% 228.5K shares	Q4 2019 Held for 5y 11m	$666.2M
Militia Capital Partners, LP Hedge Fund•Long/Short	-	0.41% $797.0K	0.11% 62.3K shares	Q1 2025 Held for 8 months	$195.8M

Hedge Fund Spotlight

Discover hedge funds investing in LIND

AQR CAPITAL MANAGEMENT LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerDavid Gary Kabiller

Portfolio Value: $156.17B
Positions: 3,453
Last Reported: Q3 2025

Sector Allocation

Position in Lindblad Expeditions Holdings Inc.

Market Value: $1.8M
Shares Held: 140.1K
Portfolio Weight: 0.00%
Owned Since: 2024-Q4

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