Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

NUVEEN CHURCHILL DIRECT LEND (NCDL)

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

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +5
Streak
2Q ▲
Buyers last Q
50%

Smart Money Signals — NCDL

Based on 80 hedge funds · latest filing: 2025 Q4 · updated quarterly

📈

Buying streak — 2 quarters in a row

last 6Q
For 2 consecutive quarters, more hedge funds added NCDL than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
🏔️

At the ownership peak (100% of max)

100% of all-time peak
80 hedge funds hold NCDL right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
〰️

Stable — ownership unchanged year-over-year

fund count last 6Q
The number of hedge funds holding NCDL is almost the same as a year ago (+0 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡

Slight buying edge — 50% buying

40 buying40 selling
Last quarter: 40 funds bought or added vs 40 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️

Steady new buyers — ~18 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 16 → 12 → 19 → 18. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄

Mostly new holders — 38% entered in last year

■ 2% conviction (2yr+) ■ 60% medium ■ 38% new
Only 2 funds (2%) 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.
💎

Buying through price weakness — shares +14%, value -100%

Value
-99%
Shares
+14%
Last quarter: funds added +14% more shares while total portfolio value only changed -100%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈

Growing discovery — still being found

34 → 16 → 12 → 19 → 18 new funds/Q
New funds entering each quarter: 16 → 12 → 19 → 18. A growing number of institutions are discovering NCDL each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
📊

Mixed cohorts — 4% veterans, 54% new entrants

■ 4% veterans ■ 42% 1-2yr ■ 54% new
Of 80 current holders: 3 (4%) held 2+ years, 34 held 1–2 years, 43 (54%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅

Strong quality — 31% AUM from major funds

31% from top-100 AUM funds
10 of 80 holders rank in the top 100 by AUM, accounting for 31% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.

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.

Institutional Sentiment Summary — NCDL

In 2025 Q4, 40 hedge funds were net buyers of NCDL (18 opened a new position, 22 added to an existing one), while 40 reduced or exited (27 trimmed, 13 sold completely) — a 50% buyer ratio, indicating a slight buying edge. Net buying has persisted for two consecutive quarters, a positive momentum signal. 31% of total institutional value in NCDL is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: +5 funds (more new holders than closures). Total institutional holders: 80.

Hedge Fund Ownership: NCDL

How many hedge funds hold NCDL — quarterly history vs. share price
Quarterly hedge fund ownership of NCDL vs. share price

Market Analysis: NCDL

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: NCDL

Financial Services Asset Management

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

10 top-rated funds 2 high-conviction
Consensus
4.5
/ 10
breadth
×
Elite
2.1
/ 10
conviction
Hedge Fund Positioning: NCDL
2026 Q1 Stats Unlock in 7 days 80 + Investors

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

Metric All 13F Filers (2025 Q4) Prior (2025 Q3) Change
Funds Holding 80 75 6.67%
13F Shares 16M 14M 14.03%
Total Value $207M $42.81B -99.52%
New Positions 18 19 -1
Increased Positions 22 27 -5
Closed Positions 13 15 -2
Reduced Positions 27 16 +11
Total Calls 0 0 -
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: NCDL

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Valuation Measures Data as of: --

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PEG Ratio (5yr expected) --
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Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

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

Institutional Holders (2026 Q1)

80 + investors

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

Top 25 institutional holders of NCDL — 2025 Q4 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Opal Wealth Advisors, LLC 1.80% 625,215 $8.0M
2 GraniteShares Advisors LLC 1.61% 175,377 $2.2M
3 Closed-End Fund Advisors, Inc. 1.20% 92,957 $1.2M
4 Bulldog Investors, LLP 0.64% 224,822 $2.9M
5 QTR Family Wealth, LLC 0.15% 25,324 $355K
6 Hudson Value Partners, LLC 0.14% 37,720 $480K
7 Beacon Bridge Wealth Partners, LLC 0.14% 32,432 $413K
8 NewGen Asset Management Ltd 0.14% 27,900 $355K
9 Adams Asset Advisors, LLC 0.13% 91,021 $1.2M
10 Prota Financial, LLC 0.12% 12,240 $163K
11 DUDLEY CAPITAL MANAGEMENT, LLC 0.10% 17,750 $226K
12 Accurate Wealth Management, LLC 0.08% 51,074 $688K
13 Aprio Wealth Management, LLC 0.08% 116,409 $1.5M
14 NOTTINGHAM ADVISORS, INC. 0.04% 24,195 $308K
15 Vise Technologies, Inc. 0.02% 95,252 $1.3M
16 Procyon Advisors, LLC 0.02% 39,584 $504K
17 BI Asset Management Fondsmaeglerselskab A/S 0.02% 155,522 $2K
18 CONFLUENCE INVESTMENT MANAGEMENT LLC 0.01% 68,743 $874K
19 World Investment Advisors 0.01% 43,297 $551K
20 AlphaQuest LLC 0.01% 9,690 $129K
21 STIFEL FINANCIAL CORP 0.00% 335,747 $4.3M
22 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% 87,341 $1.1M
23 UBS Group AG 0.00% 682,133 $8.7M
24 COMMONWEALTH EQUITY SERVICES, LLC 0.00% 59,077 $751K
25 WELLS FARGO & COMPANY/MN 0.00% 311,270 $4.0M
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?

Buying streak — 2 quarters in a row: For 2 consecutive quarters, more hedge funds added NCDL than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.

What is the institutional breadth score for NCDL?

Slight buying edge — 50% buying: Last quarter: 40 funds bought or added vs 40 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

What is the fund quality score for NCDL holders?

Strong quality — 31% AUM from major funds: 10 of 80 holders rank in the top 100 by AUM, accounting for 31% 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 — 38% entered in last year: Only 2 funds (2%) 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.

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.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.