Morgan Stanley Direct Lending Fund: which funds bought and sold
Institutions that bought and sold Morgan Stanley Direct Lending Fund shares in Q2 2026, from the holdings they reported to the SEC on Form 13F for March 31, 2026 and June 30, 2026.
Between March 31, 2026 and June 30, 2026, 71 institutions that filed 13F reports for both quarters added to or opened positions in Morgan Stanley Direct Lending Fund, and 63 cut or closed them. Together they added a net 2.8M shares, +7.7% on what they held at the start of the quarter. Active managers and hedge funds on our list were net sellers of 337K shares (−12.8%); index fund managers were net buyers of 18K shares (+13.4%). 23 opened a new position and 21 sold out entirely.
Bought, Q2 2026 71 institutions, 23 of them new holders Sold, Q2 2026 63 institutions, 21 of them sold out
Net change, all compared +2.8M shares (+7.7%)
Net change, active managers −337K shares (−12.8%), 5 bought, 12 sold
Buyers versus sellers
71 bought 25 63 sold
Active managers and hedge funds 5 bought · 12 sold · −337K
Index fund managers 2 bought · 1 sold · +18K
Other institutions 64 bought · 50 sold · +3.1M
Biggest buyers
| Institution | Change in shares | Shares June 30, 2026 | Value |
|---|---|---|---|
| Lunate Capital Ltd | +1.1M New position | 1.1M | $16.7M |
| UBS Group AG | +984K +61.7% | 2.6M | $39M |
| Ensign Peak Advisors, Inc | +748K New position | 748K | $11.3M |
| Van Eck Associates Corp | +580K +40.5% | 2.0M | $30.5M |
| Brown Brothers Harriman & Co | +540K New position | 540K | $8.2M |
| Caz Investments LP | +399K New position | 399K | $6M |
| Ares Management LLC | +363K +88.1% | 775K | $11.7M |
| Russell Investments Group, Ltd. | +340K +47.1% | 1.1M | $16.1M |
| Franklin Resources Inc Active manager | +270K +144.3% | 456K | $6.9M |
| Callodine Capital Management, LP | +100K New position | 100K | $1.5M |
| Focus Partners Wealth | +92K +189.0% | 141K | $2.1M |
| Ilex Capital Partners (UK) LLP | +83K New position | 83K | $1.3M |
| Muzinich & Co., Inc. | +71K +9.3% | 839K | $12.7M |
| Victory Capital Management Inc Active manager | +69K New position | 69K | $1M |
| Sumitomo Mitsui Trust Group, Inc. | +58K +10.4% | 616K | $9.3M |
| Royal Bank Of Canada | +51K +89.1% | 108K | $1.6M |
| HRT Financial LP | +41K New position | 41K | $624,000 |
| Scotia Capital Inc. | +40K New position | 40K | $604,800 |
| Raymond James Financial Inc | +39K +36.9% | 146K | $2.2M |
| Naviter Wealth, LLC | +36K +25.5% | 177K | $2.7M |
| Institution | Change in shares | Shares June 30, 2026 | Value |
|---|---|---|---|
| Franklin Resources Inc Active manager | +270K +144.3% | 456K | $6.9M |
| Victory Capital Management Inc Active manager | +69K New position | 69K | $1M |
| Engineers Gate Manager LP Hedge fund | +27K +145.0% | 46K | $700,661 |
| Two Sigma Investments, LP Hedge fund | +3,839 +0.4% | 893K | $13.5M |
| AQR Capital Management LLC Hedge fund | +2,221 +15.8% | 16K | $245,649 |
Biggest sellers
| Institution | Change in shares | Shares June 30, 2026 | Value |
|---|---|---|---|
| Rivernorth Capital Management, LLC | −1.1M Sold out | 0 | — |
| Toronto Dominion Bank | −622K Sold out | 0 | — |
| Xtx Topco Ltd | −164K −85.3% | 28K | $426,354 |
| Exoduspoint Capital Management, LP Hedge fund | −160K Sold out | 0 | — |
| Point72 Asset Management, L.P. Hedge fund | −154K Sold out | 0 | — |
| Jane Street Group, LLC | −151K Sold out | 0 | — |
| Morgan Stanley | −151K −1.0% | 15.7M | $238M |
| Activest Wealth Management | −116K −56.6% | 89K | $1.3M |
| Trexquant Investment LP Hedge fund | −113K −27.7% | 296K | $4.5M |
| Bi Asset Management Fondsmaeglerselskab A/S | −108K −80.7% | 26K | $390,000 |
| Renaissance Technologies LLC Hedge fund | −101K Sold out | 0 | — |
| Dg Capital Management, LLC | −100K −17.4% | 476K | $7.2M |
| Millennium Management LLC Hedge fund | −72K −25.9% | 205K | $3.1M |
| Balyasny Asset Management L.P. Hedge fund | −57K −49.1% | 59K | $898,763 |
| Aquatic Capital Management LLC | −56K Sold out | 0 | — |
| Sfmg, LLC | −49K −23.5% | 160K | $2.4M |
| Ameriprise Financial Inc | −37K Sold out | 0 | — |
| Dynamic Technology Lab Private Ltd | −37K Sold out | 0 | — |
| Lido Advisors, LLC | −33K −56.3% | 26K | $399,230 |
| Beacon Pointe Advisors, LLC | −33K Sold out | 0 | — |
| Institution | Change in shares | Shares June 30, 2026 | Value |
|---|---|---|---|
| Exoduspoint Capital Management, LP Hedge fund | −160K Sold out | 0 | — |
| Point72 Asset Management, L.P. Hedge fund | −154K Sold out | 0 | — |
| Trexquant Investment LP Hedge fund | −113K −27.7% | 296K | $4.5M |
| Renaissance Technologies LLC Hedge fund | −101K Sold out | 0 | — |
| Millennium Management LLC Hedge fund | −72K −25.9% | 205K | $3.1M |
| Balyasny Asset Management L.P. Hedge fund | −57K −49.1% | 59K | $898,763 |
| Quantbot Technologies LP Hedge fund | −16K −71.1% | 6,483 | $98,023 |
| Neuberger Berman Group LLC Active manager | −14K −8.6% | 148K | $2.2M |
| Brevan Howard Capital Management LP Hedge fund | −11K Sold out | 0 | — |
| Squarepoint Ops LLC Hedge fund | −5,183 −15.9% | 27K | $414,666 |
New positions
| Institution | Shares | Value June 30, 2026 |
|---|---|---|
| Lunate Capital Ltd | 1.1M | $16.7M |
| Ensign Peak Advisors, Inc | 748K | $11.3M |
| Brown Brothers Harriman & Co | 540K | $8.2M |
| Caz Investments LP | 399K | $6M |
| Callodine Capital Management, LP | 100K | $1.5M |
| Ilex Capital Partners (UK) LLP | 83K | $1.3M |
| Victory Capital Management IncActive manager | 69K | $1M |
| HRT Financial LP | 41K | $624,000 |
| Scotia Capital Inc. | 40K | $604,800 |
| Belpointe Asset Management LLC | 29K | $443,515 |
Sold out
| Institution | Shares | Value March 31, 2026 |
|---|---|---|
| Rivernorth Capital Management, LLC | 1.1M | $14.7M |
| Toronto Dominion Bank | 622K | $8.7M |
| Exoduspoint Capital Management, LPHedge fund | 160K | $2.2M |
| Point72 Asset Management, L.P.Hedge fund | 154K | $2.2M |
| Jane Street Group, LLC | 151K | $2.1M |
| Renaissance Technologies LLCHedge fund | 101K | $1.4M |
| Aquatic Capital Management LLC | 56K | $778,689 |
| Ameriprise Financial Inc | 37K | $516,157 |
| Dynamic Technology Lab Private Ltd | 37K | $510,433 |
| Beacon Pointe Advisors, LLC | 33K | $453,700 |
Who holds the shares
- Institutions reporting
- 140
- Ten largest holders
- 71.5% of 13F-reported shares
- Index fund managers
- 0.4% of 13F-reported shares
- Active managers and hedge funds
- 6.0% of 13F-reported shares
| Type | Bought | Sold | New | Sold out | Net change in shares | Net % |
|---|---|---|---|---|---|---|
| Active managers and hedge funds | 5 | 12 | 1 | 4 | −337K | −12.8% |
| Index fund managers | 2 | 1 | 0 | 0 | +18K | +13.4% |
| Other institutions | 64 | 50 | 22 | 17 | +3.1M | +9.3% |
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