NCLH Archives

NCLH

Market Cap: $10.97B

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 11, 2025	Patient Capital Management	15.3%	4.2%	AMZN, C, GOOGL, IAC, META, NCLH, NVDA, QXO, RPRX, UNH	AI, contrarian, Cruises, healthcare, small caps, technology, value	AI companies have delivered approximately 50-60% of the market's returns over the past 2.5 years. The fund maintains 21.6% exposure to Mag 7 AI leaders including Amazon, Google, NVIDIA, and Meta. If current AI trends continue as expected, these companies should perform well.	C RPRX QXO IAC NCLH UNH QXO IAC UNH	View
2025 Q1	Apr 7, 2025	Patient Capital Management	-9.6%	-9.6%	AAL, AMZN, C, CVS, DAL, GOOGL, META, MSFT, NCLH, NVDA, QXO, RPRX, UAL	AI, Airlines, Recession, semiconductors, tariffs, technology, Travel, value	The manager views AI as a transformational technology comparable to electricity or the Internet, with every knowledgeable tech CEO believing we are in early stages. Despite recent selloffs in AI stocks, the manager sees current valuations as reasonable given growth prospects and emphasizes that AI compute demand exceeds supply unlike the tech bubble peak.	C GOOGL CVS RPRX QXO AMZN NCLH DAL UAL	View
2026 Q1	Apr 16, 2026	Ariel Appreciation Fund	1.1%	1.1%	GNRC, KEYS, KKR, KMT, MAT, NCLH, RLI, SLB	AI, Data centers, energy, Geopolitical, mid cap, value			View
2026 Q1	Apr 16, 2026	Ariel Small Cap Value Strategy	0.9%	0.9%	BCO, GNRC, LFUS, LIND, MAT, NCLH	Data centers, energy, Geopolitical, inflation, small caps, Travel, value		BCO MAT NCLH LFUS LIND GNRC	View
2026 Q1	Apr 16, 2026	Ariel Fund	-1.5%	-1.5%	CG, GNRC, JHG, MAT, NCLH, NVST, SMG, SPHR	energy, Entertainment, Geopolitical, inflation, small caps, technology, value			View
2026 Q1	Apr 16, 2026	Ariel Fund	-1.5%	-1.5%	CG, GNRC, JHG, MAT, NCLH, NVST, SMG, SPHR	consumer, energy, Entertainment, industrials, small caps, technology, value			View
2025 Q1	Mar 31, 2025	Aristotle/Saul Global Equity Fund	1.2%	1.2%	3064.T, 6367.T, 6758.T, ADBE, AMGN, CCJ, D05.SI, GOOGL, HON, LEN, MCHP, MLM, MSFT, MUV2.DE, NCLH, TTE	AI, energy, global, Quality, Reinsurance, technology, Trade Policy, value	The artificial intelligence theme continued to influence market narratives during the quarter. Chinese startup DeepSeek gained international attention after launching a low-cost rival to leading generative AI models, challenging assumptions around infrastructure demands and potentially reducing the need for GPUs and energy-intensive data centers. This development raised new questions about the durability and configuration of global AI supply chains.	6367.T GOOGL ADBE CCO SONY MUV2.DE	View
2024 Q4	Dec 31, 2024	Ariel Small Cap Value Strategy	-0.8%	9.0%	AAPL, AMZN, BCO, GOOGL, LIND, META, MGPI, MHK, MSFT, NCLH, NVDA, OSW, TSLA	consumer, Cruises, fundamentals, small caps, Travel, value	The fund holds multiple travel-related companies including Norwegian Cruise Line, OneSpaWorld, and Lindblad Expeditions. These companies showed strong performance driven by robust consumer demand, healthy onboard spending, and solid pricing power in the cruise and adventure travel segments.	MHK BCO MGPI LIND OSW NCLH	View
2024 Q2	Nov 7, 2022	Patient Capital Management	5.6%	15.8%	AAPL, AMZN, BIIB, CVS, DAL, EVRI, EXPE, GOOGL, IAC, ILMN, KOS, META, MSFT, NCLH, NVDA, RPRX, TSLA, UAL	AI, energy, healthcare, small caps, technology, Travel, value	Manager recognizes AI bubble potential but believes it may still be early. Nvidia captured bulk of AI profits with significant market lead and competitive advantages. Current AI/quality compounder momentum could get more extreme before ending.	EXPE EVRI KOS IAC NVDA	View
2024 Q3	Oct 15, 2024	Recurve Capital	-	-	AMZN, AWI, BC, CCOI, CVNA, NCLH, RCL, RH, V, W	Concentration, disruption, growth, long-term, Process, Psychology	Carvana represents one of the best disruptive growth stories in the market, disrupting the used auto industry with powerful flywheel effects and operating leverage from future growth. The company has no serious risk of competitive disruption on the horizon and is actually the disruptor in its industry. Despite being up significantly, the manager remains exuberantly positive about its future returns and risk/reward profile.	CCOI CVNA	View
2025 Q3	Oct 12, 2025	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	5.3%	-	ARGX, AXON, BJ, BRO, CW, DASH, EHC, EME, HOOD, IBKR, IDXX, INSM, INSP, NCLH, ORLY, PINS, RNR, ROST, SAIA, TTWO	AI, Capital markets, Data centers, earnings, Fed policy, growth, mid cap, semiconductors	AI remains a dominant theme though some cracks are beginning to appear. Industry participants questioned the pace of infrastructure spending to support AI and how sustainable that would be. With debt levels increasing for the biggest AI spenders, measures of capital spending-to-sales are approaching dot-com peak levels.		View
2025 Q4	Jan 18, 2026	Ariel Small Cap Value Strategy	3.0%	0.0%	AMG, FDS, GNRC, KMT, NCLH, PSKY, REZI, RLI, SPHR, ZBRA	AI, Entertainment, insurance, Manufacturing, small cap, technology, value	Artificial intelligence continues to drive structural trends and productivity gains across industries, though benefits are unevenly distributed. The technology is contributing to market concentration and shifting competitive positioning, while raising questions about the durability of recent performance patterns. Data center market shows significant long-term growth potential driven by rising energy needs and artificial intelligence infrastructure expansion. Management emphasized strong momentum in this sector as a key growth driver. Live entertainment sector demonstrates robust consumer demand with Sphere Entertainment showing strengthening business fundamentals. The success of productions like The Wizard of Oz is accelerating discussions for future venue expansion both domestically and internationally. Cruise industry faces renewed skepticism despite record bookings and robust customer deposits. Norwegian Cruise Line maintains confidence in long-term demand supported by strategic capacity expansion and private island enhancements.	ZBRA RLI FDS NCLH GNRC REZI KMT AMG SPHR	View
2023 Q3	Sep 30, 2023	Ariel Small Cap Value Strategy	10.1%	0.0%	AMG, BCO, LESL, LIND, MAT, MEI, NCLH, SPHR	consumer, Entertainment, Leisure, Logistics, small caps, Travel, value	Sphere Entertainment's Las Vegas venue opened on track with costs in-line, planning 365 days of events annually including concerts, sporting events, and The Sphere Experience. Mattel benefited from the successful Barbie movie release, expected to generate over $125 million in gross billings from film royalty payments.	AMG NCLH LESL LIND BCO AMAT SPHR	View
2023 Q2	Jul 31, 2023	Tweedy, Browne Worldwide High Dividend	6.4%	9.8%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, real estate, Recovery, small cap, value	Cruise lines were among the most contrarian holdings that became the biggest winners. Royal Caribbean surged +109.9% and Norwegian up +77.9% through June 30th. The vacation and leisure spaces are booming in direct response to isolating Covid lockdowns, with cruise operators posting record revenues and bookings as cruising is seen as a high-value alternative to land travel.		View
2023 Q2	Jul 31, 2023	Vulcan Value Partners – Small Cap	8.1%	16.5%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, real estate, Recovery, small cap, value	Cruise lines were among the most contrarian holdings that became the biggest winners. Royal Caribbean surged 109.9% and Norwegian up 77.9% through June 30th. The vacation and leisure spaces are booming in direct response to isolating Covid lockdowns, with cruise operators posting record revenues and bookings as cruising is seen as a high-value alternative to land travel.		View
2023 Q2	Jul 31, 2023	Vulcan Value Partners – Focus Plus	5.9%	18.7%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, mid cap, real estate, small cap, value	Cruise lines were among the most contrarian holdings that drove the fund's biggest wins. Royal Caribbean surged 109.9% and Norwegian up 77.9% through June 30th as the vacation and leisure spaces are booming in response to isolating Covid lockdowns. The fund doubled down on these scorned holdings during the pandemic when they were trading at historic lows.		View
2024 Q2	Jul 19, 2024	Recurve Capital	-	-	AMZN, AWI, CCOI, CVNA, NCLH, RH, TV, W, WMS	AI, Concentration, Furniture, small caps, Telecom, Used Autos, value, volatility	Manager views AI as a speculative, capital-intensive paradigm shift similar to the internet boom, requiring massive upfront investments without clear mass adoption or revenue models. Compares it to Field of Dreams investing where companies spend as if outcomes are foregone conclusions. Expects competitive dynamics to lead to value leaking to customers rather than generating monopolistic returns.		View
2023 Q2	Jun 30, 2023	Ariel Appreciation Fund	9.9%	0.0%	CAH, CBRE, CCL, CG, CRL, GS, IPG, KMT, KMX, LABH, LESL, MAT, MSGE, NCLH, NTRS, PARA, RCL, SCHW, SPHR, SWK	contrarian, Cruises, mid cap, real estate, Recovery, value	Cruise operators are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel for retirees and younger people alike. The vacation and leisure spaces are booming in direct response to the isolating Covid lock downs, with memories having more value than goods for many consumers.		View
2023 Q2	Jun 30, 2023	Ariel Fund	12.1%	0.0%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, mid cap, real estate, Recovery, small cap, value	Cruise lines were among the most derided areas during COVID but have become top performers as the vacation and leisure spaces boom in response to isolating lockdowns. Royal Caribbean and Norwegian Cruise Line are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel.		View
2023 Q2	Jun 30, 2023	Ariel International Fund	7.6%	0.0%	BIDU, CAH, CBRE, CCL, CG, DB1.DE, Gold, LESL, MOS, MSFT, MSGE, NCLH, NTRS, ORCL, PARA, RCL, ROG.SW, SNA, SPHR, ZIMV	Asia, Europe, growth, international, liquidity, momentum, technology, value	The fund's investment approach encountered headwinds as growth stocks significantly outpaced value names. The MSCI ACWI Growth Index surged +9.19% during the quarter, while the MSCI ACWI Value Index only returned +2.98%. The manager believes the factors that hindered them this year will pivot in their favor once the effects of excessive monetary and fiscal stimulus abate.		View
2025 Q1	Mar 31, 2025	Ariel Appreciation Fund	-6.9%	-6.9%	AAPL, ADT, AMZN, BIO, GOOGL, GS, KN, MAT, META, MIDD, MSFT, MTN, NCLH, NOV, NVDA, OSW, SLB, TSLA, WBA	Buybacks, mid cap, Recession, Recovery, value, volatility	Fund actively acquiring downtrodden shares of quality companies trading at significant discounts to private market values. Holdings are statistically cheap and trading at meaningful discounts to intrinsic worth. Past dislocations of this magnitude have often served as prelude to robust recoveries.	SLB OSW NCLH KN BIO ADT MIDD MAT	View
2025 Q1	Mar 31, 2025	Ariel Fund	-8.0%	-8.0%	AAPL, AMZN, ATGE, BIO, GOOGL, LESL, META, MSFT, NCLH, NVDA, OSW, PARA, RCL, SJM, SPHR, TSLA	Media, Recovery, small caps, Travel, value, volatility	The fund is actively leaning into volatility by acquiring downtrodden shares of quality companies whose value should be realized over the long term. Holdings are trading at a significant discount to their private market values, and dislocations of this magnitude have often served as a prelude to robust recoveries.	OSW NCLH SPHR BIO LESL SJM ATGE PARA	View
2025 Q1	Mar 31, 2025	Ariel Small Cap Value Strategy	-10.7%	-10.7%	AAPL, ADT, AMZN, BIO, FAF, GOOGL, LESL, LIND, META, MIDD, MSFT, NCLH, NVDA, TSLA	discount, Quality, Recession, small caps, value, volatility	The fund focuses on acquiring downtrodden shares of quality companies whose value should be realized over the long term. Holdings are trading at a significant discount to their private market values, creating opportunities for patient investors during market dislocations.	BIO LIND LESL NCLH FAF ADT MIDD	View
2023 Q1	Mar 31, 2023	Ariel Appreciation Fund	9.9%	0.0%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, mid cap, real estate, Recovery, value	Cruise operators are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel. The vacation and leisure spaces are booming in direct response to isolating Covid lockdowns, with memories having more value than goods for many consumers.		View
2023 Q1	Mar 31, 2023	Ariel Global Fund	6.9%	0.0%	9984.T, CAH, CBRE, CCL, CG, ELE.MC, Gold, LESL, MOS, MSFT, MSGE, NCLH, NTRS, ORCL, PARA, RCL, ROG.SW, SNA, SPHR, ZIMV	Fed policy, global, growth, liquidity, momentum, technology, value	The fund's investment approach encountered headwinds as growth stocks significantly outpaced value names. The MSCI ACWI Growth Index surged +9.19% during the quarter, while the MSCI ACWI Value Index only returned +2.98%. The manager believes the factors that hindered them this year will pivot in their favor once the effects of excessive monetary and fiscal stimulus abate.		View
2023 Q1	Mar 31, 2023	Ariel International Fund	7.6%	0.0%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZBH, ZIMV	Europe, growth, international, liquidity, momentum, technology, value	Manager emphasizes contrarian value approach, avoiding expensive U.S. market while leaning into undervalued opportunities in Europe and Emerging Markets. The fund's deliberate underweight in Technology and overweight in recession-resilient sectors reflects this value orientation.		View
2022 Q4	Jan 31, 2023	Aristotle/Saul Global Equity Fund	6.4%	11.6%	CCJ, DASTY, DSM NA, NCLH	-			View
2024 Q4	Jan 30, 2025	Aristotle/Saul Global Equity Fund	-7.8%	3.0%	AMGN, BN, CCJ, D05.SI, LEN, MCHP, MLM, MSFT, NCLH, SONY	fundamentals, geopolitics, global, Long/Short, Quality, value	Sony's PlayStation platform demonstrates strong network effects with 116 million monthly active users, making it attractive for game developers. The company reported strong third-party gaming revenue and record PlayStation 5 console profitability despite lower console sales. Sony's anime business Crunchyroll signed a distribution agreement with YouTube Primetime Channels to increase subscriber base.	DSFIR.SW MCHP SONY NCLH	View
2024 Q4	Jan 16, 2025	Recurve Capital	-	-	AMZN, AWI, BC.MI, CCOI, CVNA, NCLH, RCL, RH, W	disruption, E-Commerce, growth, Luxury, Recovery, technology, Travel, value	Carvana is disrupting auto retailing with 1% market share in a fragmented market where the largest player has 2% share. The company offers superior retail experience and delivery services compared to 40,000 independent dealers. Wayfair is building a disruptive platform in home furnishings, bringing global suppliers to retail customers through its marketplace model with verticalized logistics capabilities.		View
2024 Q4	Jan 13, 2025	Patient Capital Management	-	-	AMZN, BIIB, COST, CVS, DAL, EXPE, FBTC, GOOGL, KOS, META, NCLH, NVDA, OMF, PGEN, PLAY, RPRX, SDRL, TSLA, UAL	AI, Bull Market, Cyclical, energy, healthcare, technology, Travel, value	Manager believes we are in the midst of a technological revolution driven by AI. The most brilliant technology experts agree AI will transform the world, with massive data and capital requirements creating advantages for scaled incumbents like the Mag 7. This supports the manager's view that we're still early in the AI cycle.	BIIB CVS RPRX SDRL KOS FBTC OMF PGEN	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 5, 2026	Seeking Alpha	Seeking Alpha	Norwegian Cruise Line Holdings Ltd.	Consumer Discretionary	Cruise Lines	Bull	New York Stock Exchange	activist involvement, Cost efficiency, cruise industry, Elliott Investment Management, Fuel Prices, geopolitical tensions, NCLH, Norwegian Cruise Line, occupancy rates, valuation	View Pitch
Apr 28, 2026	Fund Letters	Ariel Small Cap Value Strategy	Norwegian Cruise Line Holdings Ltd.	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NYSE	Bookings, cost optimization, cruise line, Fleet, leadership transition, Liquidity, Occupancy, Pricing power, Travel Recovery	View Pitch
Apr 23, 2026	Fund Letters	Ariel Small Cap Value Strategy	Norwegian Cruise Line Holdings Ltd	Travel Services	Hotels, Restaurants & Leisure	Bull	New York Stock Exchange	brand strength, Cruise lines, debt reduction, Governance Improvement, investment grade, Liquidity Position, Oceania Cruises, premium brands	View Pitch
Apr 13, 2026	Fund Letters	Ariel Appreciation Fund	Norwegian Cruise Line Holdings Ltd.	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NYSE	Consumer Discretionary, Cost management, Cruise lines, Leverage reduction, Onboard Spending, Tourism Recovery, Travel & Leisure	View Pitch
Apr 13, 2026	Fund Letters	Ariel Fund	Norwegian Cruise Line Holdings Ltd.	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NYSE	Booking Trends, Consumer Discretionary, cost optimization, Cruise, Leisure, Margins, Travel	View Pitch
Apr 13, 2026	Fund Letters	Ariel Small Cap Value Strategy	Norwegian Cruise Line Holdings Ltd.	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NYSE	consumer demand, Consumer Discretionary, Cost management, Cruise lines, Leverage reduction, Pricing power, Travel & Leisure	View Pitch
Apr 13, 2026	Fund Letters	Patient Capital Management	Norwegian Cruise Line Holdings Ltd	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NYSE	Consumer Discretionary, Cruise lines, Equity, Leisure, Recession-resistant, recovery, Travel, Value	View Pitch
Apr 13, 2026	Fund Letters	Patient Capital Management	Norwegian Cruise Line Holdings	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NYSE	Consumer Discretionary, Cruise lines, Cyclical Recovery, Post-Pandemic Recovery, Tourism, Travel, Value	View Pitch
Apr 13, 2026	Fund Letters	Ariel Small Cap Value Strategy	Norwegian Cruise Line Holdings Ltd.	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NYSE	Bull, Consumer Discretionary, cruise line, Fleet Operations, Leisure Travel, Leverage reduction, margin expansion	View Pitch
Apr 13, 2026	Fund Letters	Aristotle/Saul Global Equity Fund	Norwegian Cruise Line Holdings	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	cost optimization, cruise line, debt reduction, Fleet Modernization, Free Cash Flow, Leisure, Post-Pandemic Recovery, Pricing power, Travel	View Pitch
Jan 20, 2026	Fund Letters	John Rogers	Norwegian Cruise Line Holdings Ltd.	Consumer Discretionary	Hotels Restaurants & Leisure	Bull	New York Stock Exchange	Bookings, Cruises, leverage, recovery, Travel	View Pitch

BSD Shareholders of NCLH

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
Paul Tudor Jones	Tudor Investment Corp	$53.4B	$11.8M	0.02%	527,741	-18,100	-19.89%	0.1074%
Steven A. Cohen	Point72 Asset Management	$86.8B	$32.6M	0.04%	1,460,957	-1,585,177	-52.04%	0.2973%
Dmitry Balyasny	Balyasny Asset Management	$76.6B	$3.6M	0.00%	163,100	+1,554,695	+56.10%	0.0332%
Israel Englander	Millennium Management LLC	$233.2B	$61.8M	0.03%	2,767,971	-153,200	-89.38%	0.5632%
Aaron Weitman	CastleKnight Management LP	$4.5B	$14.6M	0.32%	655,700	+143,200	+27.94%	0.1334%
David Siegel & John Overdeck	Two Sigma Investments	$67.5B	$67.6M	0.10%	3,026,879	-616,900	-53.46%	0.6159%
Cliff Asness	AQR Capital Management	$190.6B	$151.6M	0.08%	6,793,256	+6,370,241	+1505.91%	1.3823%
John Rogers	Ariel Investment	$9.3B	$320.3M	3.46%	14,351,367	+2,267,075	+18.76%	2.9201%
Cory Martin	Barrow, Hanley, Mewhinney & Strauss	$30.0B	$20,691	0.00%	927	+927	+100.00%	0.0002%
Rich Handler	Jefferies	$19.3B	$36,292	0.00%	1,626	-9,849	-85.83%	0.0003%

NCLH

NCLH

Market Cap: $10.97B

Letters With This Ticker

Pitches With This Ticker

BSD Shareholders of NCLH

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