ARIEL INVESTMENTS, LLC — NORWEGIAN CRUISE LINE HLDGS NCLH: Quarterly 13F Position History
ARIEL INVESTMENTS, LLC has reported NORWEGIAN CRUISE LINE HLDGS (NCLH) on 25 13F-HR filings in Pactolio's tracked window, first appearing in Q1 2020. As of Q1 2026, the position is sized at 29,323,158 shares ($548.3M market value, 3.07% of the equity book). Quarter-over-quarter share count change: + 620,424 (+2.2%) .
- 29,323,158Shares Held (Latest Filing)
- $548.3MReported Market Value (Latest Filing)
- 3.07%Portfolio Weight (% of 13F Equity Book)
- +620,424Quarter-over-Quarter Share Change
- -$92.3MQuarter-over-Quarter Value Change
- 29,323,158Peak Reported Shares (Historical)
Quarterly 13F-HR Disclosure History Source: SEC 13F-HR filings, 25 quarter s
| Quarter | Shares | QoQ Share Change | Share Change (%) | Market Value | Weight | Implied Price |
|---|---|---|---|---|---|---|
| Q1 2026 | 29,323,158 | +620,424 | +2.2% | $548.3M | 3.07% | $18.70 |
| Q4 2025 | 28,702,734 | +4,534,150 | +18.8% | $640.6M | 3.46% | $22.32 |
| Q3 2025 | 24,168,584 | 570,170 | -2.3% | $595.3M | 3.18% | $24.63 |
| Q2 2025 | 24,738,754 | +6,576,414 | +36.2% | $501.7M | 2.84% | $20.28 |
| Q1 2025 | 18,162,340 | +10,155,062 | +126.8% | $344.4M | 2.02% | $18.96 |
| Q4 2024 | 8,007,278 | 2,631,538 | -24.7% | $206.0M | 1.10% | $25.73 |
| Q3 2024 | 10,638,816 | 723,736 | -6.4% | $218.2M | 1.11% | $20.51 |
| Q2 2024 | 11,362,552 | 338,282 | -2.9% | $213.5M | 1.16% | $18.79 |
| Q1 2024 | 11,700,834 | 841,396 | -6.7% | $244.9M | 1.20% | $20.93 |
| Q4 2023 | 12,542,230 | +424,022 | +3.5% | $251.3M | 1.25% | $20.04 |
| Q3 2023 | 12,118,208 | 1,127,156 | -8.5% | $199.7M | 1.06% | $16.48 |
| Q2 2023 | 13,245,364 | 362,866 | -2.7% | $288.4M | 1.36% | $21.77 |
| Q1 2023 | 13,608,230 | 331,324 | -2.4% | $183.0M | 0.88% | $13.45 |
| Q4 2022 | 13,939,554 | 333,406 | -2.3% | $170.6M | 0.87% | $12.24 |
| Q3 2022 | 14,272,960 | +1,458,958 | +11.4% | $162.1M | 0.89% | $11.36 |
| Q2 2022 | 12,814,002 | +5,756,996 | +81.6% | $142.5M | 0.71% | $11.12 |
| Q1 2022 | 7,057,006 | +3,752,040 | +113.5% | $154.4M | 0.68% | $21.88 |
| Q4 2021 | 3,304,966 | +779,740 | +30.9% | $68.5M | 0.29% | $20.74 |
| Q3 2021 | 2,525,226 | +61,550 | +2.5% | $67.4M | 0.31% | $26.71 |
| Q2 2021 | 2,463,676 | +78,512 | +3.3% | $72.5M | 0.34% | $29.41 |
| Q1 2021 | 2,385,164 | +123,600 | +5.5% | $65.8M | 0.32% | $27.59 |
| Q4 2020 | 2,261,564 | +318,220 | +16.4% | $57.5M | 0.32% | $25.43 |
| Q3 2020 | 1,943,344 | 0 | — | $33.3M | 0.24% | $17.11 |
| Q2 2020 | 1,943,344 | +607,328 | +45.5% | $31.9M | 0.24% | $16.43 |
| Q1 2020 | 1,336,016 | — | — | $14.6M | 0.13% | $10.96 |
Methodology & FAQ
How This Position History Is Sourced
Each row is one SEC Form 13F-HR filing disclosing this position. Share count, market value, and reported quarter are taken verbatim from the filing; portfolio weight is recomputed against the same filing's total reported equity book. Implied price-per-share is market value divided by shares — a quarter-end mark, not the manager's cost basis. See the full methodology document for the normalization rules.
When did ARIEL INVESTMENTS, LLC first disclose a NCLH position in 13F-HR filings?
ARIEL INVESTMENTS, LLC first reported NORWEGIAN CRUISE LINE HLDGS (NCLH) on its 13F-HR filing for the period ending 2020-03-31 (Q1 2020). The position has appeared on 25 reported quarters within Pactolio's tracked window.
What was ARIEL INVESTMENTS, LLC's most recent quarter-over-quarter share-count change in NCLH?
Between Q4 2025 and Q1 2026, ARIEL INVESTMENTS, LLC added 620,424 shares of NCLH (+2.2%), bringing the total reported position to 29,323,158 shares at a market value of $548.3M.
Does the implied price-per-share represent ARIEL INVESTMENTS, LLC's cost basis in NCLH?
No. The implied price-per-share column is the 13F-HR reported market value divided by reported share count on the filing date (end of quarter). It is a quarter-end mark, not a cost basis or transaction price. Use it as a sanity check on the value column, not as an indicator of the manager's entry or exit price.