ARIEL INVESTMENTS, LLC: NORWEGIAN CRUISE LINE HLDGS (NCLH): Quarterly 13F Position History
As of Q1 2026, ARIEL INVESTMENTS, LLC reported 29,323,158 shares of NORWEGIAN CRUISE LINE HLDGS (NCLH), worth $548.3M and representing 3.1% of its 13F equity book. Quarter-over-quarter share count change: + 620,424 (+2.2%) . The position first appeared in Q1 2020 and has been disclosed across 25 13F-HR filings in Pactolio's tracked window.
- 29,323,158Shares Held (Latest Filing)
- $548.3MReported Market Value (Latest Filing)
- 3.1%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 | 3.1% | $18.7 |
| Q4 2025 | 28,702,734 | +4,534,150 | +18.8% | $640.6M | 3.5% | $22.3 |
| Q3 2025 | 24,168,584 | 570,170 | -2.3% | $595.3M | 3.2% | $24.6 |
| Q2 2025 | 24,738,754 | +6,576,414 | +36.2% | $501.7M | 2.8% | $20.3 |
| Q1 2025 | 18,162,340 | +10,155,062 | +126.8% | $344.4M | 2.0% | $19.0 |
| Q4 2024 | 8,007,278 | 2,631,538 | -24.7% | $206.0M | 1.1% | $25.7 |
| Q3 2024 | 10,638,816 | 723,736 | -6.4% | $218.2M | 1.1% | $20.5 |
| Q2 2024 | 11,362,552 | 338,282 | -2.9% | $213.5M | 1.2% | $18.8 |
| Q1 2024 | 11,700,834 | 841,396 | -6.7% | $244.9M | 1.2% | $20.9 |
| Q4 2023 | 12,542,230 | +424,022 | +3.5% | $251.3M | 1.3% | $20.0 |
| Q3 2023 | 12,118,208 | 1,127,156 | -8.5% | $199.7M | 1.1% | $16.5 |
| Q2 2023 | 13,245,364 | 362,866 | -2.7% | $288.4M | 1.4% | $21.8 |
| Q1 2023 | 13,608,230 | 331,324 | -2.4% | $183.0M | 0.9% | $13.4 |
| Q4 2022 | 13,939,554 | 333,406 | -2.3% | $170.6M | 0.9% | $12.2 |
| Q3 2022 | 14,272,960 | +1,458,958 | +11.4% | $162.1M | 0.9% | $11.4 |
| Q2 2022 | 12,814,002 | +5,756,996 | +81.6% | $142.5M | 0.7% | $11.1 |
| Q1 2022 | 7,057,006 | +3,752,040 | +113.5% | $154.4M | 0.7% | $21.9 |
| Q4 2021 | 3,304,966 | +779,740 | +30.9% | $68.5M | 0.3% | $20.7 |
| Q3 2021 | 2,525,226 | +61,550 | +2.5% | $67.4M | 0.3% | $26.7 |
| Q2 2021 | 2,463,676 | +78,512 | +3.3% | $72.5M | 0.3% | $29.4 |
| Q1 2021 | 2,385,164 | +123,600 | +5.5% | $65.8M | 0.3% | $27.6 |
| Q4 2020 | 2,261,564 | +318,220 | +16.4% | $57.5M | 0.3% | $25.4 |
| Q3 2020 | 1,943,344 | 0 | — | $33.3M | 0.2% | $17.1 |
| Q2 2020 | 1,943,344 | +607,328 | +45.5% | $31.9M | 0.2% | $16.4 |
| Q1 2020 | 1,336,016 | — | — | $14.6M | 0.1% | $11.0 |
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.