Who Is Buying Northrop Grumman? Hedge Fund Activity in 2026
See which hedge funds are buying, selling, or holding Northrop Grumman (NOC) based on latest 13F filings. 6 funds buying, institutional value $31.8B.
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Who Is Buying Northrop Grumman? Hedge Fund Activity in 2026
Northrop Grumman is the stealth technology leader of the defense industry — the company behind the B-21 Raider next-generation bomber, the James Webb Space Telescope, and critical components of America's nuclear deterrent triad. As geopolitical tensions drive renewed focus on advanced military capabilities, NOC sits at the intersection of virtually every major defense modernization program. The latest 13F filings reveal a perfectly balanced institutional tug-of-war with some fascinating new entrants.
Of the 18 major funds actively holding Northrop Grumman, the picture splits evenly: 6 buying, 6 selling, and 6 holding. But beneath this balanced surface, the quality of the buyers — including three brand-new positions — tells a more nuanced story.
Quick Answer
Across the funds we read directly from SEC filings, the largest Northrop Grumman position in the Q2 2026 13Fs (period ending 30 June 2026) is Citadel Advisors at $289M (567,594 shares). Measured against the size of each filer's book rather than in dollars, the most concentrated holder is Citadel Advisors, where Northrop Grumman is 0.2% of everything they report. Every figure here is aggregated by CUSIP from the filer's own information table with put/call rows excluded — a 13F lists options beside shares, and adding them together is what produces the inflated stakes quoted elsewhere. Filings lag roughly 45 days: this is positioning as of 30 June 2026, not today, and not investment advice.
Institutional Activity at a Glance
- Funds Buying: 6
- Funds Selling: 6
- Funds Holding: 6
- Active Funds Tracked: 18 of 35
A perfectly balanced 6-6-6 split might seem uninformative at first glance, but the composition matters enormously. When you look at who is initiating new positions versus who is trimming existing ones, the picture shifts meaningfully toward cautious optimism.
Who holds Northrop Grumman, and how much it matters to them
Read from each filer's Q2 2026 information table (period ending 30 June 2026).
| Fund | Position | Shares | Share of the fund's 13F book |
|---|---|---|---|
| Citadel Advisors | $289M | 567,594 | 0.2% of $171.84B |
| Millennium Management | $154M | 302,389 | 0.1% of $142.92B |
| Renaissance Technologies | $104M | 203,380 | 0.1% of $72.62B |
| Bridgewater Associates | $1.6M | 3,091 | 0.0% of $24.38B |
The last column is the one worth reading. A multi-strategy fund reporting a $100B+ book can hold a large dollar amount of Northrop Grumman that means almost nothing to it, while a concentrated fund holding less in dollars may have several percent of its entire book in the name. Rankings by dollar value hide exactly that difference.
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Comparing each filer's Q1 2026 table with its Q2 2026 one, by share count — the change is what shows conviction, not the size of the position.
| Fund | Q1 2026 shares | Q2 2026 shares | Change |
|---|---|---|---|
| Renaissance Technologies | 10,000 | 203,380 | +1934% |
| Citadel Advisors | 74,116 | 567,594 | +666% |
| Bridgewater Associates | 11,495 | 3,091 | -73% |
| Millennium Management | 183,479 | 302,389 | +65% |
A fund absent from this table reported no Northrop Grumman position in either quarter.
Track NOC with Freenance Smart Money
Track NOC and 77,111 other institutional positions across 35 hedge funds with $21.4 trillion in combined AUM. See real-time buying and selling activity at app.freenance.io/smart-money/ticker/NOC.
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FAQ
What does a perfectly balanced 6-6-6 institutional split actually mean?
The headline split looks neutral, but the composition matters more than the count. Three brand-new positions versus mostly incremental trims indicates a quiet rotation — older holders taking profits while fresh capital with different analytical frameworks builds positions, a pattern often visible around inflection points.
Why is the B-21 Raider program so central to NOC's institutional thesis?
The B-21 is moving from engineering and development into low-rate initial production, which historically determines whether a defense program becomes a margin-positive franchise or a cost overrun. Funds buying are underwriting smooth execution, while sellers may be pricing in the historical pattern of margin compression during early production ramps.
How meaningful is Renaissance Technologies' new $65.8 million position?
Renaissance's algorithmic framework is among the most successful in market history, and a new entry of that size implies multiple model signals converged favorably. It's not a directional forecast, but it does indicate that statistical edges on price action, volatility, and underlying data look attractive at current levels.
What drove Canyon Capital's complete exit?
Canyon focuses on event-driven and distressed setups, so a full liquidation typically signals that the original catalyst either played out or was invalidated. After a strong multi-year run in defense, that may simply mean the asymmetric setup they originally identified has been priced in rather than a negative fundamental call on Northrop.
How does the Sentinel ICBM program factor into the risk picture?
Sentinel provides a multi-decade revenue stream but has already faced cost overruns and schedule delays, which likely contributes to institutional caution among sellers. How Northrop manages program costs and renegotiations on Sentinel will be a key variable for whether buyer conviction or seller skepticism proves more accurate.