NMI Holdings Inc.

NMIH • NASDAQ

NMI Holdings Inc. is a insurance - specialty company in the financial services sector on NASDAQ, led by Adam S. Pollitzer, with a market cap of $3.0B. As of Q3 2025, 96% of shares are held by 347 institutional investors, with BlackRock, Inc. as the largest holder at 17.63%.

CEOAdam S. Pollitzer

Market Cap$3.0B

Insurance - Specialty

Financial Services

Employees234.0

Websitenationalmi.com

Country

United States of America

Overview

Overview of institutional ownership in NMIH as of Q3 2025 with a market cap of $3.0B

All Institutions

Institutions: 347
Value Held: $2.8B
Shares Held: 74.3M
Avg Position: $8.2M
Median Position: $866.5K

Hedge Funds

Hedge Funds: 41
Value Held: $229.1M
Shares Held: 6.0M
Avg Position: $5.6M
Median Position: $2.0M

Ownership Breakdown

Institutional (non-HF)

88.02%

$2.6B

Hedge Funds

7.7%

$229.1M

Retail & Other

4.28%

$127.3M

Based on market cap of $3.0B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in NMIH as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$524.4M 0.01% of portfolio	17.63% 13.7M shares	Q2 2014 Held for 11y 5m	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$275.4M 0.00% of portfolio	9.26% 7.2M shares	Q1 2014 Held for 11y 8m	$6.69T
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$164.4M 0.04% of portfolio	5.53% 4.3M shares	Q2 2015 Held for 10y 5m	$466.32B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$127.2M 0.00% of portfolio	4.28% 3.3M shares	Q2 2014 Held for 11y 5m	$2.88T
A AMERICAN CENTURY COMPANIES INC Institution	-	$91.2M 0.05% of portfolio	3.07% 2.4M shares	Q2 2016 Held for 9y 5m	$195.93B
M MACQUARIE GROUP LTD Institution	-	$77.7M 0.09% of portfolio	2.61% 2.0M shares	Q3 2019 Held for 6y 2m	$82.9B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$75.8M 0.00% of portfolio	2.55% 2.0M shares	Q4 2013 Held for 11y 11m	$1.57T
Van Berkom & Associates Inc. Long Only Manager	Joannes Sebastian Van Berkom CEO	$73.2M 2.08% of portfolio	2.46% 1.9M shares	Q2 2021 Held for 4y 5m	$3.5B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$45.1M 0.00% of portfolio	1.52% 1.2M shares	Q4 2013 Held for 11y 11m	$1.65T
FRONTIER CAPITAL MANAGEMENT CO LLC Long Only Manager	William Allen Teichner Managing Partner	$44.4M 0.40% of portfolio	1.49% 1.2M shares	Q3 2020 Held for 5y 2m	$11.1B

Net Capital Flow

Institutional buying and selling activity for NMIH in Q3 2025

Traded: −$10.4M
Buyers: 171
Sellers: 152
Total Bought: +$129.7M
Total Sold: −$140.1M
Avg Position: $7.6M

Biggest Buyers

Institution	Net Bought	Current Position
BANK OF AMERICA CORP /DE/ Institution	+$19.0M +495.1K shares	$38.9M 1.0M shares
AMERIPRISE FINANCIAL INC Institution	+$10.6M +276.9K shares	$23.0M 600.1K shares
D D. E. Shaw & Co., Inc. Institution	+$10.5M +274.8K shares	$29.8M 776.5K shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$8.8M +229.9K shares	$21.6M 562.3K shares
$DEUTSCHE BANK AG\ logo$ DEUTSCHE BANK AG\ Institution	+$8.6M +225.3K shares	$18.2M 475.4K shares
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	+$5.4M +142.1K shares	$14.1M 368.8K shares
A AMERICAN CENTURY COMPANIES INC Institution	+$5.0M +130.0K shares	$91.2M 2.4M shares
ALGERT COLDIRON INVESTORS LLC Hedge Fund•Quant	+$3.7M +96.8K shares	$16.9M 440.5K shares
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	+$3.6M +92.9K shares	$15.6M 406.9K shares
Lighthouse Investment Partners, LLC Fund of Funds	+$2.7M +71.7K shares	$2.7M 71.7K shares

Biggest Sellers

Institution	Net Sold	Current Position
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$11.9M −310.3K shares	$7.5M 194.9K shares
M MACQUARIE GROUP LTD Institution	−$7.6M −199.3K shares	$77.7M 2.0M shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$7.5M −195.5K shares	$2.0M 51.4K shares
A Allianz Asset Management AG Institution	−$7.3M −191.4K shares	$17.2M 448.8K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$6.3M −165.3K shares	$36.9M 963.2K shares
UBS Group AG Institution	−$5.8M −151.6K shares	$9.0M 235.4K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$5.4M −142.0K shares	$5.7M 147.4K shares
J Jump Financial, LLC Institution	−$5.3M −137.8K shares	$2.1M 55.5K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$4.9M −128.7K shares	$6.3M 164.3K shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	−$4.6M −121.0K shares	$19.0M 495.0K shares

Entry and Exit Activity

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

New Positions: 18
New Value: $3.5M
Exited Positions: 25
Exited Value: $13.2M

New Positions

Institution	Position Value
O OSSIAM Institution	$2.1M 53.9K shares
MERCER GLOBAL ADVISORS INC /ADV RIA/Wealth	$442.3K 11.5K shares
R RBF Capital, LLC Institution	$323.0K 8.4K shares
MML INVESTORS SERVICES, LLC RIA/Wealth	$267.7K 7.0K shares
Westover Capital Advisors, LLC RIA/Wealth	$223.9K 5.8K shares
FINANCIAL CONSULATE, INC RIA/Wealth	$55.1K 1.4K shares
S Salomon & Ludwin, LLC Institution	$23.1K 590.0 shares
P Pacer Advisors, Inc. Institution	$22.3K 582.0 shares
Sontag Advisory, LLC RIA/Wealth	$20.0K 521.0 shares
FIRST HORIZON NATIONAL CORP RIA/Wealth	$16.4K 429.0 shares

Exited Positions

Institution	Previous Position
T TEXAS PERMANENT SCHOOL FUND Institution	$3.6M 85.0K shares
FJ Capital Management LLC Hedge Fund•Long/Short	$2.7M 63.6K shares
ExodusPoint Capital Management, LP Hedge Fund•Multi-Strategy	$1.7M 41.1K shares
Integrated Advisors Network LLC RIA/Wealth	$696.9K 16.5K shares
MACKENZIE FINANCIAL CORP Long Only Manager	$627.1K 14.9K shares
JENNISON ASSOCIATES LLC Long Only Manager	$615.2K 14.6K shares
Gallacher Capital Management LLC RIA/Wealth	$611.7K 14.5K shares
Centiva Capital, LP Hedge Fund•Multi-Strategy	$604.1K 14.3K shares
Oakmont Partners LLC RIA/Wealth	$482.3K 11.4K shares
Savant Capital, LLC RIA/Wealth	$225.5K 5.3K shares

Options Activity

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

Call Positions: 1
Call Value: $728.5K
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$728.5K 190.0 contracts

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
MUHLENKAMP & CO INC RIA/Wealth	Anthony William Muhlenkamp President	4.86% $17.9M	0.60% 466.3K shares	Q2 2023 Held for 2y 5m	$367.9M
W WINMILL & CO. INC Institution	-	3.68% $15.2M	0.51% 396.1K shares	Q4 2022 Held for 2y 11m	$412.4M
Van Berkom & Associates Inc. Long Only Manager	Joannes Sebastian Van Berkom CEO	2.08% $73.2M	2.46% 1.9M shares	Q2 2021 Held for 4y 5m	$3.5B
Virtus ETF Advisers LLC Long Only Manager	Richard William Smirl President	1.21% $1.8M	0.06% 46.8K shares	Q1 2025 Held for 8 months	$148.9M
Pinnacle Holdings, LLC RIA/Wealth	David Monroe Poarch Managing Partner	1.00% $2.5M	0.08% 64.2K shares	Q4 2016 Held for 8y 11m	$246.2M
DENALI ADVISORS LLC Long Only Manager	Robert Guenther Snigaroff CIO	0.82% $7.3M	0.25% 190.2K shares	Q3 2024 Held for 1y 2m	$885.1M
Ellis Investment Partners, LLC RIA/Wealth	David Yu-Wen Sun President	0.61% $3.4M	0.11% 88.6K shares	Q4 2018 Held for 6y 11m	$553.8M
L Lombard Odier Asset Management Corp Hedge Fund•Multi-Strategy	Raymond Mouhadeb CEO	0.54% $2.0M	0.07% 53.3K shares	Q3 2020 Held for 5y 2m	$380.2M
Steadtrust LLC RIA/Wealth	Thomas David Kowalczyk CEO	0.52% $766.8K	0.03% 20.0K shares	Q2 2025 Held for 5 months	$147.7M
Leeward Investments, LLC - MA Long Only Manager	R. Todd Vingers President	0.50% $9.8M	0.33% 256.7K shares	Q1 2022 Held for 3y 8m	$2.0B

Hedge Fund Spotlight

Discover hedge funds investing in NMIH

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 NMI Holdings Inc.

Market Value: $2.5M
Shares Held: 64.9K
Portfolio Weight: 0.05%
Owned Since: 2024-Q4

Top Holding	Sector	Market Value	Weight
1 Union Pacific UNP	Railroads Industrials	$221.2M	4.71%
2 Sysco SYY	Food Distribution Consumer Defensive	$198.4M	4.22%
3 nVent Electric plc NVT	Electrical Equipment & Parts Industrials	$174.7M	3.72%