Northern Right Dumps 790,000 NCLH Shares Worth $19.5 Million
Key Points
Sold 790,760 shares; estimated transaction value of $19.48 million based on average quarterly pricing.
Quarter-end position value decreased by $19.48 million, reflecting the entire stake's removal and price movements.
Change represents 5.1% of fund's 13F reportable AUM.
The position was previously 6.0% of the fund's AUM as of the prior quarter.
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On February 17, 2026, Northern Right Capital Management, L.P. reported selling its entire stake in Norwegian Cruise Line Holdings (NYSE:NCLH).
What happened
Northern Right Capital Management, L.P. disclosed in a SEC filing dated February 17, 2026, that it sold its entire holding of 790,760 shares in Norwegian Cruise Line Holdings. The estimated transaction value, based on the average share price during the fourth quarter, was $19.48 million.
What else to know
- The fund sold out its NCLH stake, which previously represented 6.0% of 13F AUM as of the prior quarter; post-trade, NCLH is no longer held.
- Top holdings after the filing:
- NASDAQ: NWSA: $31.24 million (8.2% of AUM)
- NASDAQ: SATS: $28.07 million (7.4% of AUM)
- NASDAQ: HUT: $27.71 million (7.3% of AUM)
- NYSE: DBRG: $26.95 million (7.1% of AUM)
- NYSE: HHH: $26.88 million (7.1% of AUM)
- As of February 17, 2026, shares were priced at $24.10, down 8.64% over the past year, underperforming the S&P 500 by 17.80 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close 2/17/26) | $24.10 |
| Market Capitalization | $10.97 billion |
| Revenue (TTM) | $9.82 billion |
| Net Income (TTM) | $423.25 million |
Company snapshot
- Offers cruise vacations under the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands, with itineraries ranging from three to 180 days across global destinations.
- Distributes its products through retail/travel advisor and onboard cruise sales channels, as well as meetings, incentives, and charters.
- Serves a global customer base, focusing on premium and luxury travel markets with a diversified brand portfolio.
Norwegian Cruise Line Holdings Ltd. is a leading global cruise operator with a diversified brand portfolio and a strong presence in the premium and luxury travel markets. The company leverages its extensive fleet and broad itinerary offerings to capture demand from a wide range of customer segments. Its multi-brand strategy and focus on onboard experience position it competitively within the consumer cyclical and travel services industries.
What this transaction means for investors
Northern Right’s sale of Norwegian stock comes at a time when the industry was riding high from full ships, even as economic signals offered a mixed picture.
Despite all the coverage of the war in Iran now, this was a much less obvious concern in Q4 for the consumer discretionary stock. Also, even with its $14.6 billion in debt that it mostly accumulated during the pandemic, it continues to turn a profit despite high debt service costs.
More likely, it is because it is far from challenging the much larger market shares of Carnival and Royal Caribbean . Moreover, Viking has turned the industry on its head by emphasizing an upscale and experience-oriented approach to cruising.
It is worth noting that Northern Right did not buy any of these other cruise line stocks. Although the aforementioned oil price stock could create buying opportunities in Norwegian and its peers, the fund now appears more focused on other consumer-oriented stocks.
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Will Healy has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Howard Hughes and Viking. The Motley Fool recommends Carnival Corp. The Motley Fool has a disclosure policy.
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