Norwegian Cruise Line Holdings Ltd.

NCLH • NYSE

Norwegian Cruise Line Holdings Ltd. is a travel services company in the consumer cyclical sector on NYSE, led by Harry Sommer, with a market cap of $9.5B. As of Q3 2025, 82% of shares are held by 622 institutional investors, with VANGUARD GROUP INC as the largest holder at 11.57%.

President and Chief Executive Officer, Norwegian Cruise Line Holdings Ltd.Harry Sommer

Market Cap$9.5B

Travel Services

Consumer Cyclical

Employees35.9K

Websitenclhltdinvestor.com

Country

United States of America

Overview

Overview of institutional ownership in NCLH as of Q3 2025 with a market cap of $11.2B

All Institutions

Institutions: 622
Value Held: $9.2B
Shares Held: 373.3M
Avg Position: $14.8M
Median Position: $471.1K

Hedge Funds

Hedge Funds: 77
Value Held: $1.7B
Shares Held: 69.5M
Avg Position: $22.2M
Median Position: $6.2M

Ownership Breakdown

Institutional (non-HF)

66.72%

$7.5B

Hedge Funds

15.27%

$1.7B

Retail & Other

18.01%

$2.0B

Based on market cap of $11.2B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in NCLH as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$1.3B 0.02% of portfolio	11.57% 52.7M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
C Capital International Investors Institution	-	$1.3B 0.21% of portfolio	11.52% 52.4M shares	Q4 2020 Held for 4y 11m	$615.90B
B BlackRock, Inc. Institution	-	$757.5M 0.01% of portfolio	6.76% 30.8M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$400.0M 0.01% of portfolio	3.57% 16.2M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
ARIEL INVESTMENTS, LLC Long Only Manager	John Washington Rogers CEO	$297.6M 3.18% of portfolio	2.65% 12.1M shares	Q1 2020 Held for 5y 8m	$9.4B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$293.6M 0.02% of portfolio	2.62% 11.9M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$244.5M 0.04% of portfolio	2.18% 9.9M shares	≤ Q2 2013 Held for 12y 5m+	$691.34B
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$219.5M 0.03% of portfolio	1.96% 8.9M shares	≤ Q2 2013 Held for 12y 5m+	$633.08B
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	Kenneth Cordele Griffin CEO	$206.5M 0.17% of portfolio	1.84% 8.4M shares	≤ Q2 2013 Held for 12y 5m+	$122.08B
UBS Group AG Institution	Sergio P. Ermotti CEO	$169.4M 0.03% of portfolio	1.51% 6.9M shares	Q4 2014 Held for 10y 11m	$511.54B

Net Capital Flow

Institutional buying and selling activity for NCLH in Q3 2025

Traded: +$570.9M
Buyers: 299
Sellers: 257
Total Bought: +$1.4B
Total Sold: −$857.2M
Avg Position: $13.3M

Biggest Buyers

Institution	Net Bought	Current Position
GOLDMAN SACHS GROUP INC Institution	+$168.4M +6.8M shares	$244.5M 9.9M shares
BANK OF AMERICA CORP /DE/ Institution	+$106.7M +4.3M shares	$150.0M 6.1M shares
UBS Group AG Institution	+$97.4M +4.0M shares	$169.4M 6.9M shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	+$75.0M +3.0M shares	$75.0M 3.0M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$70.8M +2.9M shares	$206.5M 8.4M shares
F Freestone Grove Partners LP Hedge Fund•Multi-Strategy	+$70.2M +2.8M shares	$90.9M 3.7M shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$58.9M +2.4M shares	$68.3M 2.8M shares
A Alyeska Investment Group, L.P. Hedge Fund•Multi-Strategy	+$58.4M +2.4M shares	$58.4M 2.4M shares
TimesSquare Capital Management, LLC Long Only Manager	+$48.5M +2.0M shares	$48.5M 2.0M shares
B BNP PARIBAS ARBITRAGE, SA Institution	+$45.1M +1.8M shares	$107.2M 4.4M shares

Biggest Sellers

Institution	Net Sold	Current Position
Marshall Wace LLP Institution	−$64.6M −2.6M shares	$43.7M 1.8M shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	−$64.1M −2.6M shares	$50.1M 2.0M shares
S Squarepoint Ops LLC Hedge Fund•Quant	−$59.8M −2.4M shares	$16.4M 665.1K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$57.5M −2.3M shares	$40.6M 1.6M shares
Invesco Ltd. ETF Provider	−$51.6M −2.1M shares	$219.5M 8.9M shares
Interval Partners, LLC Hedge Fund•Long/Short	−$42.1M −1.7M shares	$29.7M 1.2M shares
JPMORGAN CHASE & CO Institution	−$38.8M −1.6M shares	$56.9M 2.3M shares
5 59 North Capital Management, LP Hedge Fund•Long/Short	−$38.3M −1.9M shares	Sold Off 0 shares
MORGAN STANLEY RIA/Wealth	−$33.9M −1.4M shares	$146.2M 5.9M shares
B BlackRock, Inc. Institution	−$27.7M −1.1M shares	$757.5M 30.8M shares

Entry and Exit Activity

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

New Positions: 38
New Value: $137.2M
Exited Positions: 71
Exited Value: $147.9M

New Positions

Institution	Position Value
TimesSquare Capital Management, LLC Long Only Manager	$48.5M 2.0M shares
A Avala Global LP Hedge Fund•Long/Short	$35.7M 1.4M shares
B Becker Drapkin Management, L.P. Hedge Fund•Long/Short	$19.5M 790.8K shares
H Hook Mill Capital Partners, LP Institution	$7.5M 304.9K shares
B Benson Investment Management Company, Inc. RIA/Wealth	$4.3M 175.8K shares
C CHAPIN DAVIS, INC. Institution	$3.6M 146.3K shares
P Polymer Capital Management LTD Hedge Fund•Multi-Strategy	$3.4M 140.0K shares
CenterBook Partners LP Hedge Fund•Market Neutral	$2.8M 114.0K shares
F Fieldview Capital Management, LLC Hedge Fund•Long/Short	$2.7M 109.4K shares
Savoir Faire Capital Management, L.P. Hedge Fund•Long/Short	$2.5M 100.0K shares

Exited Positions

Institution	Previous Position
5 59 North Capital Management, LP Hedge Fund•Long/Short	$38.3M 1.9M shares
C Capital World Investors Institution	$22.3M 1.1M shares
H HRT FINANCIAL LLC Institution	$20.5M 1.0M shares
Walleye Trading LLC RIA/Wealth	$14.4M 710.9K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	$8.7M 427.7K shares
INTECH INVESTMENT MANAGEMENT LLC Long Only Manager	$8.2M 404.6K shares
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$4.4M 215.7K shares
Q Qube Research & Technologies Ltd Institution	$3.9M 191.0K shares
IMC-Chicago, LLC RIA/Wealth	$2.5M 121.7K shares
Q Quadrature Capital Ltd Institution	$2.1M 105.3K shares

Options Activity

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

Call Positions: 35
Call Value: $319.3M
Put Positions: 36
Put Value: $386.5M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$99.0M 40.2K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$86.4M 35.1K contracts
G Greenhouse Funds LLLP Hedge Fund•Long/Short	$24.6M 10.0K contracts
J JANE STREET GROUP, LLC Institution	$18.8M 7.6K contracts
BARCLAYS PLC Institution	$14.8M 6.0K contracts
W WOLVERINE TRADING, LLC Institution	$11.7M 4.7K contracts
L Lombard Odier Asset Management Corp Hedge Fund•Multi-Strategy	$9.9M 4.0K contracts
GOLDMAN SACHS GROUP INC Institution	$8.7M 3.5K contracts
P PEAK6 LLC Institution	$8.0M 3.3K contracts
UBS Group AG Institution	$7.3M 3.0K contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$102.3M 41.5K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$60.1M 24.4K contracts
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	$28.4M 11.5K contracts
J JANE STREET GROUP, LLC Institution	$22.5M 9.1K contracts
UBS Group AG Institution	$18.4M 7.5K contracts
GOLDMAN SACHS GROUP INC Institution	$17.1M 6.9K contracts
OZ MANAGEMENT LP Hedge Fund•Multi-Strategy	$16.5M 6.7K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$14.4M 5.8K contracts
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$13.4M 5.4K contracts
Walleye Trading LLC RIA/Wealth	$12.6M 5.1K contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
H Hound Partners, LLC Hedge Fund•Long/Short	Douglas Edward Marks CFO	11.05% $76.2M	0.68% 3.1M shares	Q1 2025 Held for 8 months	$689.2M
Columbus Hill Capital Management, L.P. Hedge Fund•Multi-Strategy	Kevin Deric Eng CEO	9.31% $67.0M	0.60% 2.7M shares	Q2 2024 Held for 1y 5m	$720.1M
BRIGADE CAPITAL MANAGEMENT, LLC Hedge Fund•Multi-Strategy	Raymond (Nmn) Luis President	8.55% $8.6M	0.08% 347.6K shares	Q3 2025 Held for 2 months	$100.1M
Benchstone Capital Management LP Hedge Fund•Long/Short	Christopher Morgan Leff Founder	7.17% $52.5M	0.47% 2.1M shares	Q4 2024 Held for 11 months	$733.3M
GOLDENTREE ASSET MANAGEMENT LP Hedge Fund•Distressed	Kathryn Layne Sutherland CEO	6.81% $81.5M	0.73% 3.3M shares	Q4 2024 Held for 11 months	$1.2B
B Becker Drapkin Management, L.P. Hedge Fund•Long/Short	Richard Benjamin Billig COO	6.03% $19.5M	0.17% 790.8K shares	Q3 2025 Held for 2 months	$323.1M
G Greenhouse Funds LLLP Hedge Fund•Long/Short	Joseph Michael Milano CIO	4.86% $125.0M	1.11% 5.1M shares	Q2 2024 Held for 1y 5m	$2.6B
I Incline Global Management LLC Hedge Fund•Long/Short	Jeffrey Louis Lignelli CEO	4.62% $15.6M	0.14% 632.9K shares	Q2 2025 Held for 5 months	$337.3M
P Patient Capital Management, LLC Hedge Fund•Value	David Khan CFO	4.50% $112.4M	1.00% 4.6M shares	Q4 2021 Held for 3y 11m	$2.5B
Bullseye Asset Management LLC Hedge Fund•Long/Short	Jakob Vincent Holm Member	4.50% $8.6M	0.08% 348.8K shares	Q2 2020 Held for 5y 5m	$191.0M

Hedge Fund Spotlight

Discover hedge funds investing in NCLH

Interval Partners, LLC

Hedge Fund • Long/Short

Portfolio ManagerRaymond Peter Fernandez

Portfolio Value: $4.7B
Positions: 274
Last Reported: Q3 2025

Sector Allocation

Position in Norwegian Cruise Line Holdings Ltd.

Market Value: $29.7M
Shares Held: 1.2M
Portfolio Weight: 0.63%
Owned Since: 2024-Q3

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