Victoria's Secret Parent Company Sells Majority Stake

Cinctive Capital Management LP reduces its position in Victoria's Secret & Co. by nearly 95%

Mar. 17, 2026 at 8:09am by Ben Kaplan

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Cinctive Capital Management LP, a hedge fund, has significantly reduced its stake in Victoria's Secret & Co. (NYSE:VSCO), the parent company of the iconic lingerie brand. According to a filing with the Securities and Exchange Commission, Cinctive Capital sold 785,637 shares of VSCO, representing a 94.8% decrease in its position during the third quarter.

Why it matters

This move by a major institutional investor suggests potential shifts in the retail landscape and investor sentiment around Victoria's Secret. As the company continues its transformation after being spun off from L Brands, changes in ownership structure could signal broader market trends and the challenges facing the brand as it navigates a competitive and evolving intimate apparel industry.

The details

Cinctive Capital Management LP, a hedge fund based in New York, reported owning just 43,289 shares of Victoria's Secret & Co. at the end of the third quarter, down from 828,926 shares held in the previous quarter. This significant reduction in its position represents a 94.8% decrease in Cinctive's stake in the company.

  • Cinctive Capital Management LP filed its most recent 13F report with the SEC on March 17, 2026, disclosing its holdings as of the end of the third quarter of 2025.

The players

Cinctive Capital Management LP

A New York-based hedge fund that previously held a sizable stake in Victoria's Secret & Co.

Victoria's Secret & Co.

The parent company of the iconic Victoria's Secret lingerie brand, which was spun off from L Brands in 2021.

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The takeaway

The significant reduction in Cinctive Capital's position in Victoria's Secret & Co. suggests that some institutional investors may be reevaluating their outlook on the company as it navigates a changing retail landscape and works to reinvent its brand. This move could signal broader market trends and challenges facing the intimate apparel industry.