Patient Capital Management, LLC: NORWEGIAN CRUISE LINE HLDGS (NCLH): Quarterly 13F Position History
As of Q1 2026, Patient Capital Management, LLC reported 5,749,640 shares of NORWEGIAN CRUISE LINE HLDGS (NCLH), worth $107.5M and representing 4.0% of its 13F equity book. Quarter-over-quarter share count change: + 441,512 (+8.3%) . The position first appeared in Q4 2021 and has been disclosed across 18 13F-HR filings in Pactolio's tracked window.
- 5,749,640Shares Held (Latest Filing)
- $107.5MReported Market Value (Latest Filing)
- 4.0%Portfolio Weight (% of 13F Equity Book)
- +441,512Quarter-over-Quarter Share Change
- -$11.0MQuarter-over-Quarter Value Change
- 5,749,640Peak Reported Shares (Historical)
Quarterly 13F-HR Disclosure History Source: SEC 13F-HR filings, 18 quarter s
| Quarter | Shares | QoQ Share Change | Share Change (%) | Market Value | Weight | Implied Price |
|---|---|---|---|---|---|---|
| Q1 2026 | 5,749,640 | +441,512 | +8.3% | $107.5M | 4.0% | $18.7 |
| Q4 2025 | 5,308,128 | +743,257 | +16.3% | $118.5M | 4.6% | $22.3 |
| Q3 2025 | 4,564,871 | 143,708 | -3.1% | $112.4M | 4.5% | $24.6 |
| Q2 2025 | 4,708,579 | +1,118,486 | +31.2% | $95.5M | 4.3% | $20.3 |
| Q1 2025 | 3,590,093 | +1,106,284 | +44.5% | $68.1M | 3.5% | $19.0 |
| Q4 2024 | 2,483,809 | 318,141 | -11.4% | $63.9M | 2.9% | $25.7 |
| Q3 2024 | 2,801,950 | 35,058 | -1.2% | $57.5M | 2.8% | $20.5 |
| Q2 2024 | 2,837,008 | +423,748 | +17.6% | $53.3M | 2.8% | $18.8 |
| Q1 2024 | 2,413,260 | 120,325 | -4.7% | $50.5M | 2.5% | $20.9 |
| Q4 2023 | 2,533,585 | 1,012 | -0.0% | $50.8M | 2.7% | $20.0 |
| Q3 2023 | 2,534,597 | 563,997 | -18.2% | $41.8M | 2.5% | $16.5 |
| Q2 2023 | 3,098,594 | +2,603,994 | +526.5% | $67.5M | 3.8% | $21.8 |
| Q1 2023 | 494,600 | 8,500 | -1.7% | $6.7M | 3.0% | $13.4 |
| Q4 2022 | 503,100 | +37,850 | +8.1% | $6.2M | 3.0% | $12.2 |
| Q3 2022 | 465,250 | +10,000 | +2.2% | $5.3M | 2.7% | $11.4 |
| Q2 2022 | 455,250 | 35,850 | -7.3% | $5.1M | 2.5% | $11.1 |
| Q1 2022 | 491,100 | 17,700 | -3.5% | $10.7M | 4.2% | $21.9 |
| Q4 2021 | 508,800 | — | — | $10.6M | 4.3% | $20.7 |
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 Patient Capital Management, LLC first disclose a NCLH position in 13F-HR filings?
Patient Capital Management, LLC first reported NORWEGIAN CRUISE LINE HLDGS (NCLH) on its 13F-HR filing for the period ending 2021-12-31 (Q4 2021). The position has appeared on 18 reported quarters within Pactolio's tracked window.
What was Patient Capital Management, LLC's most recent quarter-over-quarter share-count change in NCLH?
Between Q4 2025 and Q1 2026, Patient Capital Management, LLC added 441,512 shares of NCLH (+8.3%), bringing the total reported position to 5,749,640 shares at a market value of $107.5M.
Does the implied price-per-share represent Patient Capital Management, 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.