Ranked by reported Q1 2026 13F market value
Share of total reported institutional value in MSDL held by the largest 10 / 25 filers.
| # | Institution | Shares Held | Market Value | QoQ Change | Ownership % | % of Fund |
|---|---|---|---|---|---|---|
| 1 | MORGAN STANLEY | 15.9M | $221.6M | -0.0% | 18.728% | 0.01% |
| 2 | Generali Asset Management SPA SGR | 1.8M | $25.5M | 0.0% | 2.159% | 0.53% |
| 3 | UBS Group AG | 1.6M | $22.3M | -4.3% | 1.884% | 0.00% |
| 4 | RIVERNORTH CAPITAL MANAGEMENT, LLC | 1.1M | $14.7M | +37.6% | 1.242% | 0.73% |
| 5 | TWO SIGMA INVESTMENTS, LP | 889K | $12.4M | +5.3% | 1.049% | 0.01% |
| 6 | Muzinich & Co., Inc. | 768K | $10.7M | +0.2% | 0.906% | 3.75% |
| 7 | Russell Investments Group, Ltd. | 722K | $10.1M | +197.8% | 0.852% | 0.01% |
| 8 | Altshuler Shaham Ltd | 650K | $9.1M | 0.0% | 0.767% | 0.21% |
| 9 | AMERICAN FINANCIAL GROUP INC | 632K | $8.8M | +18.8% | 0.745% | 3.27% |
| 10 | TORONTO DOMINION BANK | 622K | $8.7M | -12.8% | 0.734% | 0.01% |
| 11 | DG Capital Management, LLC | 576K | $8.0M | — | 0.679% | 2.55% |
| 12 | Sumitomo Mitsui Trust Holdings, Inc. | 558K | $7.8M | 0.0% | 0.658% | 0.01% |
| 13 | WELLS FARGO & COMPANY/MN | 543K | $7.6M | +32.9% | 0.640% | 0.00% |
| 14 | ARES MANAGEMENT LLC | 412K | $5.8M | +312.0% | 0.486% | 0.38% |
| 15 | Trexquant Investment LP | 409K | $5.7M | -8.6% | 0.483% | 0.05% |
| 16 | TT Capital Management LLC | 332K | $4.6M | +9.7% | 0.392% | 3.83% |
| 17 | MILLENNIUM MANAGEMENT LLC | 276K | $3.9M | +2.8% | 0.326% | 0.00% |
| 18 | HighTower Advisors, LLC | 265K | $3.7M | — | 0.313% | 0.00% |
| 19 | Americana Partners, LLC | 257K | $3.6M | -53.4% | 0.303% | 0.09% |
| 20 | Fosun International Ltd | 240K | $3.4M | +8.3% | 0.284% | 0.84% |
| 21 | SFMG, LLC | 209K | $2.9M | -12.3% | 0.246% | 0.20% |
| 22 | Liberty Mutual Group Asset Management Inc. | 205K | $2.9M | -43.1% | 0.242% | 0.23% |
| 23 | Activest Wealth Management | 205K | $2.9M | +4.7% | 0.241% | 0.50% |
| 24 | SUSQUEHANNA INTERNATIONAL GROUP, LLP | 199K | $2.8M | +3.5% | 0.234% | 0.00% |
| 25 | XTX Topco Ltd | 192K | $2.7M | +135.2% | 0.226% | 0.05% |
denotes a marquee investor (Buffett, Burry, ARK, Tiger Global, Pershing Square, Baupost and other widely-followed managers). “% of Fund” shows how much of that investor’s total 13F portfolio is invested in MSDL — a direct measure of their conviction.
Filings activity in MSDL during Q1 2026, grouped by how each filer changed its position.
8 quarters of 13F filings · Δ columns show change vs prior quarter
| Quarter | Inst. Holders | Δ Holders | Ownership % | Δ Ownership | Total 13F Value | Δ Value |
|---|---|---|---|---|---|---|
| Q1 2026 | 135 | +8.0% | 35.84% | 5.74 pp | $472M | 14% |
| Q4 2025 | 125 | +11% | 41.58% | +6.29 pp | $548M | +18% |
| Q3 2025 | 113 | +4.6% | 35.29% | 4.36 pp | $465M | 11% |
| Q2 2025 | 108 | +16% | 39.65% | +4.79 pp | $523M | +14% |
| Q1 2025 | 93 | +16% | 34.86% | +6.39 pp | $459M | +22% |
| Q4 2024 | 80 | +57% | 28.47% | +6.29 pp | $375M | +28% |
| Q3 2024 | 51 | +183% | 22.18% | +17.90 pp | $292M | +419% |
| Q2 2024 | 18 | — | 4.28% | — | $56M | — |
Source: SEC 13F institutional filings. Ownership % requires market cap data and will show once linked. Δ columns compare to the immediately prior filed quarter.
Quick answers to the most common questions about buying MSDL stock.
Based on Q1 2026 13F filings, institutional ownership of Morgan Stanley Direct Lending Fund stands at 35.8%, held across 135 reporting institutions.
MORGAN STANLEY is the largest reported institutional holder of MSDL, with approximately 15,874,362 shares worth $0.22B as of Q1 2026.
Yes — 3 widely-followed marquee investors appear among the top 25 institutional holders of MSDL, including TWO SIGMA INVESTMENTS, LP, MILLENNIUM MANAGEMENT LLC, SUSQUEHANNA INTERNATIONAL GROUP, LLP.
Our composite Smart Money Score for MSDL is 54 out of 100 (Neutral). It combines net institutional buying activity, ownership shift, marquee investor presence, and holder-count growth.
31 institutions opened new positions in MSDL during Q1 2026, while 21 fully exited. 21 added to existing positions and 82 trimmed.
MSDL institutional ownership fell by 5.74 percentage points quarter-over-quarter, with a net change of +10 holders.
The top 10 institutions account for 72.8% of all reported 13F value in MSDL, and the top 25 account for 87.2%.
All data is sourced from SEC Form 13F filings, which institutional investment managers with at least $100M in assets are required to file each quarter. We process every 13F filing from EDGAR and recompute the aggregates after each cycle. Insider transactions are sourced from Form 4 filings.
Morgan Stanley Direct Lending Fund (MSDL) Institutional Ownership