NCDL Hedge Fund Ownership (Q1 2026)

Q: Is it too late to buy Nuveen Churchill Direct Lend (NCDL) following the 2026 Q2 hedge fund 13F filings?

As of today, NCDL has moved +0.0% since the 2026 Q2 13F filing date (August 14, 2026), compared to +0.0% for the XLF sector ETF — an outperformance of +0.0%. Since the quarter end (June 30, 2026), NCDL gained +0.2% vs +8.5% for XLF. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Nuveen Churchill Direct Lend (NCDL)

68 + Investors. Track Smart Money conviction in NCDL. See who's accumulating, reducing, or initiating positions.

Smart Money Signals — NCDL

Based on 68 hedge funds · latest filing: 2026 Q1 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q

For 1 consecutive quarter, more hedge funds reduced or closed their NCDL positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

📊

High ownership — 84% of 3.0Y peak

84% of all-time peak

68 funds currently hold this stock — 84% of the 3.0-year high of 81 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.

📉

Outflows — 13% fewer funds vs a year ago

fund count last 6Q

10 fewer hedge funds hold NCDL compared to a year ago (-13% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.

🟠

More sellers than buyers — 46% buying

35 buying41 selling

Last quarter: 41 funds reduced or exited vs 35 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.

⚠️

Fewer new buyers each quarter (-9 vs last Q)

new funds entering per quarter

Funds opening this position for the first time: 12 → 20 → 18 → 9. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.

🔄

Mostly new holders — 32% entered in last year

■ 16% conviction (2yr+) ■ 51% medium ■ 32% new

Only 11 funds (16%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.

📊

Peak discovery — momentum slowing

16 → 12 → 20 → 18 → 9 new funds/Q

New funds entering each quarter: 12 → 20 → 18 → 9. NCDL is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.

📊

Mixed cohorts — 3% veterans, 43% new entrants

■ 3% veterans ■ 54% 1-2yr ■ 43% new

Of 68 current holders: 2 (3%) held 2+ years, 37 held 1–2 years, 29 (43%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.

✅

Strong quality — 20% AUM from major funds

20% from top-100 AUM funds

15 of 68 holders rank in the top 100 by AUM, accounting for 20% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

3.2

out of 10

Low Exit Risk

Exit risk score 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Metric	All 13F Filers (2026 Q1)	Prior (2025 Q4)	Change
Funds Holding	68	80	-15.0%
13F Shares	16M	16M	0.78%
Total Value	$191M	$207M	-7.94%
New Positions	9	18	-9
Increased Positions	26	22	+4
Closed Positions	21	13	+8
Reduced Positions	19	27	-8
Total Calls	0	0	-
Total Puts	0	0	-
PUT/CALL Ratio	0.0	0.0	Bullish

Metric

All 13F Filers (2026 Q1)

Prior (2025 Q4)

Change

Funds Holding

-15.0%

13F Shares

16M

0.78%

Total Value

$191M

$207M

-7.94%

New Positions

-9

Increased Positions

Closed Positions

Reduced Positions

-8

Total Calls

Total Puts

PUT/CALL Ratio

0.0

Bullish

Institutional Holders (2026 Q2)

68 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in NCDL. Verified SEC 13F-HR filings.

QUARTER:

2026 Q2 filings are still coming in. Only funds that have filed so far are shown — top holders may not have reported yet. Full 13F data typically settles by ~50 days after quarter-end.

FILTER:All New Added To Reduced No Change | Overweight >5%

Top 25 NCDL holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
#	Investor	% of Portfolio	Shares	Mkt Value
1	Blue Owl Capital Holdings LP	4.01%	2,143,626	$26.6M
2	Opal Wealth Advisors, LLC	1.70%	634,271	$7.9M
3	GraniteShares Advisors LLC	1.61%	201,777	$2.5M
4	Closed-End Fund Advisors, Inc.	1.53%	126,329	$1.6M
5	Centurion Wealth Management LLC	0.93%	312,308	$3.9M
6	Bulldog Investors, LLP	0.69%	251,034	$3.1M
7	Diameter Capital Partners LP	0.61%	604,645	$7.5M
8	Ares Management LLC	0.52%	958,826	$11.9M
9	Callodine Capital Management, LP	0.32%	398,400	$4.9M
10	Adams Asset Advisors, LLC	0.19%	132,279	$1.6M
11	Hennion & Walsh Asset Management, Inc.	0.16%	442,680	$5.5M
12	Hudson Value Partners, LLC	0.12%	37,720	$468K
13	Beacon Bridge Wealth Partners, LLC	0.12%	33,113	$411K
14	Prota Financial, LLC	0.10%	12,240	$155K
15	Bearing Point Capital, LLC	0.09%	54,700	$679K
16	Dudley Capital Management, LLC	0.09%	17,750	$220K
17	Virtus Investment Advisers, LLC	0.08%	26,180	$325K
18	Aprio Wealth Management, LLC	0.06%	105,017	$1.3M
19	Nottingham Advisors, INC.	0.06%	39,353	$496K
20	Saba Capital Management, L.P.	0.06%	177,776	$2.2M
21	Accurate Wealth Management, LLC	0.05%	43,862	$565K
22	Brown Brothers Harriman & Co	0.05%	921,978	$11.5M
23	QTR Family Wealth, LLC	0.04%	10,024	$124K
24	Corient Private Wealth LP	0.03%	1,613,098	$20.0M
25	Cresset Asset Management, LLC	0.02%	465,308	$6.0M

Investor	Ownership History	% of Portfolio	Prev %	Rank	Conviction	Avg Buy Price	13F Score™ 3Y / 7Y	Sell Timing	Shares	Mkt Value	Change	Change %	Source	Quarter	Filed

Frequently Asked Questions — Nuveen Churchill Direct Lend (NCDL)

What does the Smart Money Trend signal show for NCDL?

Selling streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds reduced or closed their NCDL positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for NCDL?

More sellers than buyers — 46% buying: Last quarter: 41 funds reduced or exited vs 35 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.

What is the fund quality score for NCDL holders?

Strong quality — 20% AUM from major funds: 15 of 68 holders rank in the top 100 by AUM, accounting for 20% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

How long have hedge funds held NCDL?

Mostly new holders — 32% entered in last year: Only 11 funds (16%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.

Is it too late to buy Nuveen Churchill Direct Lend (NCDL) following the 2026 Q2 hedge fund 13F filings?

As of today, NCDL has moved +0.0% since the 2026 Q2 13F filing date (August 14, 2026), compared to +0.0% for the XLF sector ETF — an outperformance of +0.0%. Since the quarter end (June 30, 2026), NCDL has gained +0.2% vs +8.5% for XLF. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Market Cap	--
Enterprise Value	--
Trailing P/E	--
Forward P/E	--
PEG Ratio (5yr expected)	--
Price/Sales (ttm)	--
Price/Book (mrq)	--
Enterprise Value/Revenue	--
Enterprise Value/EBITDA	--
Beta (5Y Monthly)	--
Short Ratio (Days to Cover)	--
Short % of Float	--

Profit Margin	--
Return on Assets (ttm)	--
Return on Equity (ttm)	--

Revenue (ttm)	--
Net Income Avi to Common (ttm)	--
Diluted EPS (ttm)	--
Total Cash (mrq)	--
Total Debt/Equity (mrq)	--
Levered Free Cash Flow (ttm)	--

Nuveen Churchill Direct Lend (NCDL)

Smart Money Signals — NCDL

Selling streak — 1 quarter in a row

High ownership — 84% of 3.0Y peak

Outflows — 13% fewer funds vs a year ago

More sellers than buyers — 46% buying

Fewer new buyers each quarter (-9 vs last Q)

Mostly new holders — 32% entered in last year

Peak discovery — momentum slowing

Mixed cohorts — 3% veterans, 43% new entrants

Strong quality — 20% AUM from major funds

Institutional Sentiment Summary — NCDL

Hedge Fund Ownership: NCDL

Market Analysis: NCDL

Analyst Price Targets

Analyst Recommendations

Stock Performance

Company Profile: NCDL

Is It Too Late to Buy Nuveen Churchill Direct Lend (NCDL) Based on Hedge Fund 13F Filings?

Hedge Fund Positioning: NCDL

Statistics: NCDL

Valuation Measures Data as of: --

Financial Highlights

Institutional Holders (2026 Q2)

Frequently Asked Questions — Nuveen Churchill Direct Lend (NCDL)

Welcome to 13Foresight!