Norwegian Cruise Line Holdings Ltd.

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 623 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• Apollo Global Management: NCLH was recapitalized in 2008 with Apollo Global Management (through Apollo Management Holdings GP, LLC) as a principal sponsor alongside Genting Hong Kong (through its subsidiary Star NCLC Holdings Ltd.), and NCLH IPO'd in 2013. Apollo's beneficial ownership fell in steps through a series of Schedule 13D/A filings (CIK 1513761 filing history, filer Apollo Management Holdings GP, LLC): the FINAL Apollo 13D/A, filed 6 Dec 2018 (accession 0001104659-18-071691), states in Item 5(e): 'On December 3, 2018, the Apollo Holders ceased to be the beneficial owners of more than five percent of the Issuer's Ordinary Shares,' with every reporting person's row showing 0 shares and 0.0%. No SC 13D, SC 13G or SC 13G/A by any Apollo entity has been filed against NCLH since (confirmed via EDGAR full text search of Schedule 13 filings against CIK 0001513761 through Aug 2026), Apollo does not appear in NCLH's current (2026) DEF 14A 5%-owner table, and 'Apollo' appears in the current FY2025 10-K only as a historical biography detail for an officer, not as a current holder. Recorded here as a note with NO row: Apollo fully exited as of 3 Dec 2018, sourced to the exit Schedule 13D/A itself.
• A separate Apollo-adjacent entity, LC9 Skipper, L.P. (an L Catterton-managed vehicle, not Apollo; principals J. Michael Chu and Scott A. Dahnke, address 599 West Putnam Avenue, Greenwich, CT), held convertible/exchangeable Notes and 62,000 ordinary shares (Scott A. Dahnke personally) under a COVID-era 2020 financing, unrelated to the 2008 Apollo/Genting sponsor group. Per its final SC 13D/A (filed 9 Mar 2021, accession 0001193125-21-074888), LC9 Skipper sold all of its Notes back to NCLH for $1.03 billion on 9 Mar 2021 and its board observer resigned the same day; the reporting persons' remaining position (62,000 sh, held by Mr. Dahnke individually) was approximately 0.0% of shares outstanding. Not treated as part of the Apollo or Genting sponsor history; mentioned here only to document why an 'Apollo Greenwich address' filing exists in NCLH's Schedule 13 history and is not double counted.
• Genting Hong Kong: Genting Hong Kong Ltd's cruise-holding vehicle, Star NCLC Holdings Ltd. (CIK 0001567070), filed Schedule 13D/A Amendment No. 14 on 5 Mar 2018 (accession 0000903423-18-000140), explicitly marked 'This Amendment No. 14... constitutes an exit filing for the Reporting Persons.' At that filing the Reporting Persons held 3,148,307 ordinary shares (1.41% of a 223,940,421-share base as of 2 Mar 2018), having fallen below the 5% threshold that requires ongoing Schedule 13D/13G reporting; Item 5(e) states 'the Reporting Persons ceased to be the beneficial owners of more than five percent of the Ordinary Shares.' No Schedule 13D or 13G by Star NCLC Holdings, Genting Hong Kong Ltd, or any other Genting-family entity (Genting Berhad, Genting Malaysia, Genting Singapore) has been filed against NCLH since (checked via EDGAR full text search of Schedule 13 filings against CIK 0001513761 through Aug 2026), and Genting/Star does not appear in NCLH's current DEF 14A 5%-owner table or current 10-K. Because a sub-5% holder has no ongoing SEC reporting obligation, the exact current size of any remaining Genting position (if any) cannot be sourced from public filings; the brief notes Genting Hong Kong's own insolvency (the group entered provisional liquidation/judicial management proceedings starting January 2022), which independently makes continued, active NCLH ownership by that group unlikely. Recorded here as a note with NO row rather than a null-shares row: the last disclosed level was 1.41% in March 2018, SEC reporting obligations ended there, and nothing in the eight years since indicates re-crossing 5%.
• NCLC (NCL Corporation Ltd., NCLH's operating subsidiary) has outstanding exchangeable senior notes: 2027 1.125% Exchangeable Notes, 2027 2.5% Exchangeable Notes, 2030 0.875% Exchangeable Notes and 2030 0.750% Exchangeable Notes (Q2 2026 10-Q, Note on exchangeable notes). These are NCLH's OWN debt, not a holding, and are excluded from the holdings side entirely. On the register side, several 13F filers (UBS Group AG, Goldman Sachs, Barclays PLC, JPMorgan Chase) separately reported option or derivative lines tied to NCLH ordinary shares (some sharing the common CUSIP G66721104 tagged as an option type, some on distinct derivative CUSIPs G66721904 and G66721954). All such derivative lines were identified and excluded from every register row above; only common-share ('SHS'/'CMN'/'COMMON'/'COM') lines are counted. No register row's share count includes NCLC's exchangeable notes or any options/derivatives on NCLH stock.
• Reconciliation, Vanguard: NCLH's 2026 DEF 14A 5%-owner table shows Vanguard Capital Management alone at 33,612,105 sh (7.3%) as of 31 Mar 2026 (Schedule 13G filed 29 Apr 2026); the fresher Q2 2026 (30 Jun 2026) 13F for that one entity shows 29,972,580 sh, a normal one-quarter decline. The full 7-entity Vanguard family sweep used in this file (52,783,253 sh) is larger than either figure because it captures all Vanguard successor registrants, not just Vanguard Capital Management.
• Reconciliation, BlackRock: NCLH's 2026 DEF 14A 5%-owner table shows BlackRock, Inc. at 24,870,986 sh (5.4%), sourced to a Schedule 13G/A filed 2 Feb 2024 (as of 31 Dec 2023), over 2.5 years stale by the 19 Aug 2026 research date. The fresh Q2 2026 13F figure used here (29,336,839 sh) is higher; per the brief's warning not to assume the correction runs one way, this is reported as a genuine increase over 2.5 years, not an extraction error, since it cross-checks internally (implied price $21.11/sh, matching every other Q2 2026 filer read for this company).
• Reconciliation, Capital Group: NCLH's 2026 DEF 14A 5%-owner table shows Capital International Investors ALONE at 52,689,188 sh (11.5%) as of 30 Sep 2025. data/registers/NCLH.json (a 31 Mar 2026 13F snapshot) shows the same single entity at 29,981,899 sh. The Q2 2026 (30 Jun 2026) 13F used in this file shows that entity at 14,038,301 sh, and the full 11-registrant Capital Group family sweep (which also picked up small positions at three further entities) totals 15,464,783 sh. This is a large, continuing, three-point decline (52.69m to 29.98m to 14.04m across three successive dates) rather than an extraction error: the Q2 2026 figure's implied price ($21.11/sh) is consistent with every other institutional row in this file, and the family total is barely above the single largest entity's figure, meaning most of the Capital Group position sits in the one registrant across all three dates.
• Holdings side: searched the most recent 10-Q (period 30 Jun 2026, filed 3 Aug 2026, the newest filing available as of the research date, since NCLH's fiscal year end 31 Dec means no fresher fiscal-year 10-K exists) and the most recent 10-K (fiscal year ended 31 Dec 2025, filed 2 Mar 2026) for 'equity method', 'joint venture', 'unconsolidated', 'non-marketable', 'equity investment', 'noncontrolling interest', 'investment in', 'affiliate', 'minority interest'. None of these terms produced a hit describing a minority equity stake in another company in either document; the sole 'equity investment' hit in the 10-K was a historical biography reference to Apollo's 2008 equity investment in the company itself, not a current NCLH holding. Exhibit 21.1 of the FY2025 10-K was read directly: it is a bare list of roughly 90 wholly owned subsidiaries and their jurisdictions of incorporation, with NO ownership-percentage column and no joint-venture entities; every entry (including the Belize/Bahamas entities tied to NCLH's private destinations Great Stirrup Cay and Harvest Caye) is a wholly owned subsidiary, i.e. a physical asset or brand entity, not a minority equity stake. Conclusion: NCLH, which grows through wholly owned newbuilds and outright acquisitions (e.g. Prestige Cruise Holdings/Oceania/Regent in 2014, Sixthman) rather than joint ventures or minority stakes, holds no equity-method, cost-method, joint-venture, or other minority equity stake in any other company as of the most recent available filings. Holdings is legitimately empty.
• NCLH is incorporated in Bermuda, not Delaware or another US state; this affects share terminology (ordinary shares rather than common stock, as reflected in the cover pages and register rows above) but does not change any of the arithmetic in this file.
• Self-gate, computed from this final file: 15 register rows (14 institutional 13F rows plus the directors/executive-officers proxy aggregate, which has no separately broken-out members and so counts at its own full value per the chart's own arithmetic). Total shares: 52,783,253 + 29,336,839 + 23,331,373 + 18,908,671 + 17,008,796 + 16,705,019 + 15,464,783 + 15,430,947 + 14,686,000 + 13,174,036 + 12,129,137 + 8,457,110 + 7,793,052 + 4,200,693 + 1,146,225 = 250,555,934 shares. Against shares_outstanding 459,187,846, this is 54.57% of the company. This is above the brief's roughly 25-45% typical band and close to, but under, its 55% hard-flag threshold. Checked for the usual causes and found none: every institutional row is CUSIP G66721104 common/ordinary shares at the same 30 Jun 2026 date (no LP/partnership units, no pre-split counts, NCLH has had no stock split), no holder appears twice (Vanguard and Capital Group are each a family roll-up summed from independently fetched successor 13F-HR filings behind confirmed 13F-NT parents/siblings), every large 13F filer's derivative/option lines on NCLH stock were separately identified and excluded, and 13 of the 14 institutional rows carry an implied price (value_usd / shares) within a tight $21.07-21.11 band (JPMorgan is a modest outlier at $22.03, noted on its own row). The elevated total reflects that NCLH is a heavily institutionally traded, high-beta consumer-discretionary name (both former sponsors, Apollo and Genting Hong Kong, have been fully out of Schedule 13 reporting for 6-8 years, leaving no founder/control block; directors and executive officers hold only 0.25% in aggregate) with data/registers/NCLH.json's own 31 Mar 2026 snapshot showing 623 separate 13F filers reporting a combined 439,899,705 shares (a floor, per that file's own caveat, not corroboration of any single level, but context for why a top-14 institutional subtotal in the mid-50s percent is plausible for this name). Reported here rather than suppressed.
• market_cap_usd uses a live end-of-day quote (Nasdaq API, $17.34 close, 19 Aug 2026) multiplied by the 23 Jul 2026 cover-page share count from the most recent 10-Q (filed 3 Aug 2026, period 30 Jun 2026), the newest filing carrying a dated shares-outstanding figure as of the research date. NCLH's ordinary share price fell substantially between the 30 Jun 2026 13F valuation date (implied ~$21.11/sh across every institutional row above) and the 19 Aug 2026 market-cap date ($17.34), so value_usd figures in the register (priced as of 30 Jun 2026) are not comparable to market_cap_usd (priced as of 19 Aug 2026); both dates are recorded on their respective fields.