Morgan Stanley Direct Lending Fund (MSDL) — Institutional Holders, Q2 2026
140 institutional investment managers reported a MSDL position on SEC Form 13F-HR for the quarter ended June 30, 2026, with a combined reported value of $589.2M. Every filer is listed below, ranked by position value, 100 per page; this page shows ranks 1 to 100. Put and call option positions are excluded, and a firm filing several lots or share classes is shown once with its total.
MSDL in Q2 2026: what funds did
Funds that filed a 13F for both Q1 2026 and Q2 2026, by what they did with the common stock. Share counts are adjusted for any split between the two quarters; dollar figures are the change in shares at this quarter’s price.
Biggest buyers
- Lunate Capital LtdNew · +1,103,814 sh+$16.7M
- UBS Group AGAdded · +984,494 sh+$14.9M
- CAZ INVESTMENTSNew · +798,910 sh+$12.1M
- Ensign Peak AdvisorsNew · +748,000 sh+$11.3M
- VAN ECK ASSOCIATESAdded · +580,142 sh+$8.8M
Biggest sellers
- RIVERNORTH CAPITAL MANAGEMENTSold out · -1,052,351 sh-$15.9M
- TORONTO DOMINION BANKSold out · -622,212 sh-$9.4M
- XTX Topco LtdTrimmed · -163,715 sh-$2.5M
- ExodusPoint Capital ManagementSold out · -160,332 sh-$2.4M
- Point72 Asset Management, L.P.Sold out · -154,421 sh-$2.3M
MSDL 13F holders ranked 1–100 of 140
| # | Institution | Shares | Value | % of portfolio | QoQShares vs Q1 2026 |
|---|---|---|---|---|---|
| 1 | MORGAN STANLEY#1 · 15,723,274 sh | 15,723,274 | $237.7M | 0.01% | -1.0% |
| 2 | UBS Group AG#2 · 2,581,090 sh | 2,581,090 | $39.0M | <0.01% | +61.7% |
| 3 | VAN ECK ASSOCIATES#3 · 2,014,119 sh | 2,014,119 | $30.5M | 0.02% | +40.5% |
| 4 | Generali Asset Management SPA SGR#4 · 1,829,964 sh | 1,829,964 | $27.7M | — | 0.0% |
| 5 | Lunate Capital Ltd#5 · 1,103,814 sh | 1,103,814 | $16.7M | 8.51% | New |
| 6 | Russell Investments Group, Ltd.#6 · 1,061,802 sh | 1,061,802 | $16.1M | 0.01% | +47.1% |
| 7 | TWO SIGMA INVESTMENTS#7 · 893,188 sh | 893,188 | $13.5M | <0.01% | +0.4% |
| 8 | Muzinich#8 · 838,899 sh | 838,899 | $12.7M | — | +9.3% |
| 9 | CAZ INVESTMENTS#9 · 798,910 sh | 798,910 | $12.1M | 1.17% | New |
| 10 | ARES MANAGEMENT#10 · 775,128 sh | 775,128 | $11.7M | 0.51% | +88.1% |
| 11 | Ensign Peak Advisors#11 · 748,000 sh | 748,000 | $11.3M | 0.02% | New |
| 12 | Altshuler Shaham Ltd#12 · 650,437 sh | 650,437 | $9.8M | 0.12% | 0.0% |
| 13 | AMERICAN FINANCIAL GROUP#13 · 631,500 sh | 631,500 | $9.5M | 3.37% | 0.0% |
| 14 | Sumitomo Mitsui#14 · 616,116 sh | 616,116 | $9.3M | <0.01% | +10.4% |
| 15 | BROWN BROTHERS HARRIMAN#15 · 539,662 sh | 539,662 | $8.2M | 0.04% | New |
| 16 | WELLS FARGO & COMPANY#16 · 515,964 sh | 515,964 | $7.8M | <0.01% | -4.9% |
| 17 | DG Capital Management#17 · 475,537 sh | 475,537 | $7.2M | 1.51% | -17.4% |
| 18 | FRANKLIN RESOURCES#18 · 456,469 sh | 456,469 | $6.9M | <0.01% | +144.3% |
| 19 | TT Capital Management#19 · 343,317 sh | 343,317 | $5.2M | — | +3.3% |
| 20 | Hennion & Walsh Asset Management#20 · 315,801 sh | 315,801 | $4.8M | — | +9.9% |
| 21 | Trexquant Investment#21 · 296,078 sh | 296,078 | $4.5M | 0.03% | -27.7% |
| 22 | Americana Partners#22 · 262,611 sh | 262,611 | $4.0M | 0.09% | +2.1% |
| 23 | Fosun International Ltd#23 · 240,374 sh | 240,374 | $3.6M | 0.81% | 0.0% |
| 24 | HighTower Advisors#24 · 238,437 sh | 238,437 | $3.6M | <0.01% | -10.1% |
| 25 | Liberty Mutual Group Asset Management#25 · 204,770 sh | 204,770 | $3.1M | 0.27% | 0.0% |
| 26 | MILLENNIUM MANAGEMENT#26 · 204,517 sh | 204,517 | $3.1M | <0.01% | -25.9% |
| 27 | CULLEN/FROST BANKERS#27 · 184,080 sh | 184,080 | $2.8M | 0.03% | 0.0% |
| 28 | Naviter Wealth#28 · 176,534 sh | 176,534 | $2.7M | 0.25% | +25.5% |
| 29 | Rockefeller Capital Management L.P.#29 · 165,873 sh | 165,873 | $2.5M | <0.01% | +9.8% |
| 30 | GraniteShares Advisors#30 · 164,369 sh | 164,369 | $2.5M | 1.60% | +15.1% |
| 31 | SFMG#31 · 159,722 sh | 159,722 | $2.4M | 0.15% | -23.5% |
| 32 | Adams Asset Advisors#32 · 148,696 sh | 148,696 | $2.2M | — | +29.9% |
| 33 | Neuberger Berman Group#33 · 148,087 sh | 148,087 | $2.2M | <0.01% | -8.6% |
| 34 | RAYMOND JAMES FINANCIAL#34 · 145,746 sh | 145,746 | $2.2M | <0.01% | +36.9% |
| 35 | Focus Partners Wealth#35 · 141,101 sh | 141,101 | $2.1M | <0.01% | +189.0% |
| 36 | STATE STREET#36 · 124,279 sh | 124,279 | $1.9M | <0.01% | +17.8% |
| 37 | SHIKIAR ASSET MANAGEMENT#37 · 112,750 sh | 112,750 | $1.7M | — | +7.8% |
| 38 | Legacy Capital Wealth Partners#38 · 110,870 sh | 110,870 | $1.7M | — | +28.9% |
| 39 | ROYAL BANK OF CANADA#39 · 107,947 sh | 107,947 | $1.6M | <0.01% | +89.1% |
| 40 | P.A.W. CAPITAL#40 · 102,600 sh | 102,600 | $1.6M | 1.17% | New |
| 41 | Callodine Capital Management#41 · 100,000 sh | 100,000 | $1.5M | 0.10% | New |
| 42 | PENSION & WEALTH MANAGEMENT ADVISORS#42 · 96,296 sh | 96,296 | $1.5M | — | +39.2% |
| 43 | STIFEL FINANCIAL#43 · 95,023 sh | 95,023 | $1.4M | <0.01% | +2.1% |
| 44 | LPL Financial#44 · 92,091 sh | 92,091 | $1.4M | <0.01% | +29.8% |
| 45 | Activest Wealth Management#45 · 88,943 sh | 88,943 | $1.3M | — | -56.6% |
| 46 | LM Advisors#46 · 84,112 sh | 84,112 | $1.3M | 0.15% | +7895.4% |
| 47 | Ilex Capital Partners (UK) LLP#47 · 82,946 sh | 82,946 | $1.3M | 0.03% | New |
| 48 | CITADEL ADVISORS#48 · 73,595 sh | 73,595 | $1.1M | <0.01% | -4.5% |
| 49 | VICTORY CAPITAL MANAGEMENT#49 · 69,269 sh | 69,269 | $1.0M | <0.01% | New |
| 50 | CONFLUENCE INVESTMENT MANAGEMENT#50 · 67,513 sh | 67,513 | $1.0M | — | +0.3% |
| 51 | GOLDMAN SACHS GROUP#51 · 60,609 sh | 60,609 | $916.4K | <0.01% | -31.8% |
| 52 | BALYASNY ASSET MANAGEMENT L.P.#52 · 59,442 sh | 59,442 | $898.8K | <0.01% | -49.1% |
| 53 | SUSQUEHANNA INTERNATIONAL GROUP, LLP#53 · 53,542 sh | 53,542 | $809.6K | <0.01% | +21.3% |
| 54 | DENALI ADVISORS#54 · 52,862 sh | 52,862 | $799.3K | 0.08% | -8.5% |
| 55 | Cetera Investment Advisers#55 · 51,910 sh | 51,910 | $784.9K | <0.01% | -3.5% |
| 56 | CAPTRUST FINANCIAL ADVISORS#56 · 49,345 sh | 49,345 | $746.1K | <0.01% | -0.7% |
| 57 | HOURGLASS CAPITAL#57 · 48,672 sh | 48,672 | $735.9K | — | 0.0% |
| 58 | Steward Partners Investment Advisory#58 · 48,337 sh | 48,337 | $730.9K | <0.01% | -35.6% |
| 59 | Engineers Gate Manager#59 · 46,340 sh | 46,340 | $700.7K | <0.01% | +145.0% |
| 60 | HRT FINANCIAL#60 · 41,334 sh | 41,334 | $624.0K | <0.01% | New |
| 61 | TRUIST FINANCIAL#61 · 40,856 sh | 40,856 | $617.7K | <0.01% | -20.5% |
| 62 | Closed-End Fund Advisors#62 · 40,516 sh | 40,516 | $612.6K | 0.60% | -5.4% |
| 63 | SCOTIA CAPITAL#63 · 40,000 sh | 40,000 | $604.8K | <0.01% | New |
| 64 | Invesco Ltd.#64 · 35,119 sh | 35,119 | $531.0K | 0.00% | -46.7% |
| 65 | NewGen Asset Management Ltd#65 · 34,300 sh | 34,300 | $518.6K | 0.21% | +41.2% |
| 66 | GUGGENHEIM CAPITAL#66 · 33,858 sh | 33,858 | $511.9K | <0.01% | +12.0% |
| 67 | Fiduciary Group#67 · 33,724 sh | 33,724 | $509.9K | 0.04% | -8.7% |
| 68 | Texas Yale Capital#68 · 29,955 sh | 29,955 | $452.9K | <0.01% | +32.1% |
| 69 | Belpointe Asset Management#69 · 29,333 sh | 29,333 | $443.5K | 0.01% | New |
| 70 | INFRASTRUCTURE CAPITAL ADVISORS#70 · 29,001 sh | 29,001 | $438.5K | 0.03% | +11.5% |
| 71 | XTX Topco Ltd#71 · 28,198 sh | 28,198 | $426.4K | <0.01% | -85.3% |
| 72 | ENVESTNET ASSET MANAGEMENT#72 · 28,154 sh | 28,154 | $425.7K | <0.01% | -3.7% |
| 73 | Squarepoint Ops#73 · 27,425 sh | 27,425 | $414.7K | <0.01% | -15.9% |
| 74 | NORTHERN#74 · 27,394 sh | 27,394 | $414.2K | 0.00% | -2.0% |
| 75 | O'ROURKE & COMPANY#75 · 27,058 sh | 27,058 | $409.1K | 0.14% | New |
| 76 | Lido Advisors#76 · 25,943 sh | 25,943 | $399.2K | <0.01% | -56.3% |
| 77 | BI Asset Management Fondsmaeglerselskab A/S#77 · 25,821 sh | 25,821 | $390.0K | — | -80.7% |
| 78 | OSAIC#78 · 24,690 sh | 24,690 | $373.3K | <0.01% | +44.0% |
| 79 | Virtus Investment Advisers#79 · 24,668 sh | 24,668 | $373.0K | 0.09% | -12.8% |
| 80 | NATIONAL BANK OF CANADA#80 · 24,089 sh | 24,089 | $364.2K | <0.01% | +1.4% |
| 81 | Clearstead Advisors#81 · 24,000 sh | 24,000 | $362.9K | <0.01% | 0.0% |
| 82 | BANK OF AMERICA#82 · 23,435 sh | 23,435 | $354.3K | 0.00% | +128.2% |
| 83 | COMMONWEALTH EQUITY SERVICES#83 · 22,993 sh | 22,993 | $347.6K | <0.01% | -24.7% |
| 84 | OPPENHEIMER#84 · 22,410 sh | 22,410 | $338.8K | — | -1.9% |
| 85 | Global Strategic Investment Solutions#85 · 21,927 sh | 21,927 | $331.5K | — | +2.2% |
| 86 | Cambridge Investment Research Advisors#86 · 21,027 sh | 21,027 | $318.0K | <0.01% | +36.1% |
| 87 | JPMORGAN CHASE#87 · 20,283 sh | 20,283 | $317.2K | 0.00% | -9.3% |
| 88 | Generali Investments CEE, investicni spolecnost, a.s.#88 · 20,722 sh | 20,722 | $313.3K | — | 0.0% |
| 89 | Pathstone#89 · 20,303 sh | 20,303 | $307.0K | <0.01% | +5.7% |
| 90 | Almitas Capital#90 · 20,000 sh | 20,000 | $302.4K | 0.07% | 0.0% |
| 91 | COWA#91 · 19,720 sh | 19,720 | $298.2K | 0.07% | +26.1% |
| 92 | EVERPAR ADVISORS#92 · 18,547 sh | 18,547 | $280.4K | 0.08% | 0.0% |
| 93 | Fountainhead AM#93 · 18,269 sh | 18,269 | $276.2K | 0.21% | +3.0% |
| 94 | Icon Wealth Advisors#94 · 17,928 sh | 17,928 | $271.1K | 0.02% | +3.0% |
| 95 | Sanctuary Advisors#95 · 17,669 sh | 17,669 | $267.2K | <0.01% | 0.0% |
| 96 | REICON WEALTH ADVISORS#96 · 17,646 sh | 17,646 | $266.8K | 0.16% | +1.7% |
| 97 | AQR CAPITAL MANAGEMENT#97 · 16,247 sh | 16,247 | $245.6K | <0.01% | +15.8% |
| 98 | Clear Harbor Asset Management#98 · 15,610 sh | 15,610 | $236.0K | 0.01% | -5.0% |
| 99 | EAGLE GLOBAL ADVISORS#99 · 15,525 sh | 15,525 | $234.7K | <0.01% | -8.2% |
| 100 | PARK AVENUE SECURITIES#100 · 15,254 sh | 15,254 | $231.0K | — | New |
Funds that sold out of MSDL in Q2 2026 (21)
Held MSDL at the end of Q1 2026 and filed a Q2 2026 13F without it. Not in the list above, because they no longer hold it. Largest prior position first.
| Institution | Shares sold | Value in Q1 2026 |
|---|---|---|
| RIVERNORTH CAPITAL MANAGEMENT1,052,351 sh | 1,052,351 | $14.7M |
| TORONTO DOMINION BANK622,212 sh | 622,212 | $8.7M |
| ExodusPoint Capital Management160,332 sh | 160,332 | $2.2M |
| Point72 Asset Management, L.P.154,421 sh | 154,421 | $2.2M |
| JANE STREET GROUP151,464 sh | 151,464 | $2.1M |
| RENAISSANCE TECHNOLOGIES101,429 sh | 101,429 | $1.4M |
| Aquatic Capital Management55,780 sh | 55,780 | $778.7K |
| AMERIPRISE FINANCIAL36,974 sh | 36,974 | $516.2K |
| Dynamic Technology Lab Private Ltd36,564 sh | 36,564 | $510.4K |
| Beacon Pointe Advisors32,500 sh | 32,500 | $453.7K |
| TrueMark Investments25,985 sh | 25,985 | $362.8K |
| Marex Group plc25,000 sh | 25,000 | $349.0K |
| Jump Financial12,029 sh | 12,029 | $167.9K |
| Van Hulzen Asset Management11,585 sh | 11,585 | $161.7K |
| Brevan Howard Capital Management11,115 sh | 11,115 | $155.2K |
| CURA WEALTH ADVISORS10,200 sh | 10,200 | $142.4K |
| Sound Income Strategies4,007 sh | 4,007 | $55.4K |
| Advisory Services Network2,578 sh | 2,578 | $36.0K |
| SHP Wealth Management2,459 sh | 2,459 | $34.3K |
| Merkkuri Wealth Advisors309 sh | 309 | $4.3K |
| AdvisorNet Financial288 sh | 288 | $4.0K |
Source: Form 13F-HR filings on SEC EDGAR, Q2 2026. Values are as reported by each manager at quarter end. “% of portfolio” is the position’s share of the manager’s total reported 13F value for the same quarter. “New” means the manager filed a 13F for Q1 2026 without this position; a dash means no comparison is available. Where a manager’s own filing is internally inconsistent its value is withheld and it is listed last. 13F data shows reported holdings, not recommendations.