ABNB

ABNB

ABNB

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 22, 2025	Baron Real Estate Fund	3.6%	-3.5%	ABNB, AMT, BAM, BN, BXP, CHDN, CSGP, EQIX, EXP, GDS, IRT, PLD, WYNN	Balance Sheets, interest rates, real estate, REITs, rents	The commentary discusses public real estate equities amid higher interest rates and uneven property fundamentals. Management focuses on high-quality REITs with strong balance sheets, embedded rent growth, and long-term demand drivers such as logistics and residential housing. Valuation dispersion is creating selective opportunities despite near-term macro headwinds.		View
2025 Q2	Jul 22, 2025	Madison Investors Fund	3.1%	2.3%	ABNB, ACGL, ADI, BRK/A, CDW, FERG, FI	Compounding, Discipline, downside risk, fundamentals, Quality	The letter emphasizes long-term fundamental investing with a focus on business quality and downside risk management. Management highlights disciplined security selection over macro forecasting. Steady compounding is expected as fundamentals drive returns over time.	CDW ABNB ACGL FI ADI FERG	View
2025 Q2	Jul 21, 2025	Sands Capital Global Growth Fund	21.7%	14.4%	ABNB, AXON, BLDR, CSL, ICE, MELI, NET, NFLX, NKE, NVDA, ONON, PME AU, TEAM, ZAL GR	AI, Cloud, growth, Platforms		NET MELI AXON NFLX NVDA	View
2025 Q2	Jun 30, 2025	Burke Wealth Managament The Focused Growth Strategy	15.9%	6.3%	ABNB, BWXT, NVDA, NVO, SNOW, UBER	innovation, scalability, secular growth, Valuation discipline, volatility	The letter focuses on secular growth businesses with long runways and scalable models. Management highlights patience through volatility and disciplined valuation. Growth is framed as selective rather than broad-based.		View
2024 Q1	May 9, 2024	Polen Capital – Global SMID Company Growth	3.5%	9.5%	AAPL, ABNB, ADBE, AMZN, GLOB, NESR GR, NVDA, PAYC, SAP GR, SGE LN	-			View
2025 Q1	May 22, 2025	Brown Advisors Global Leaders Strategy	-	-0.4%	ABNB, AMZN, BKNG, GE, GOOG, LSEG LN, SHW, ZM	-			View
2025 Q4	Feb 24, 2026	Hayden Capital	-12.9%	22.3%	1519.HK, 7974.T, ABNB, APP, BKNG, CPNG, DASH, EDU, EXPE, GTLB, MELI, NFLX, NOW, RBLX, SE, SPOT, TEAM, TTWO, U, UBER	AI, competition, E-Commerce, gaming, international, software, technology, valuation	The AI cycle is shifting from building core infrastructure to attacking real-world applications, creating uncertainty about which legacy firms will benefit versus face disruption. Software companies are experiencing a valuation reset as investors question the fundamental value of code when AI can commoditize engineering work. The manager sees opportunities in incumbent companies that can successfully leverage AI to amplify their business models. Ecommerce platforms like Sea Ltd are protected by physical logistics infrastructure and network effects that AI cannot easily replicate. The manager argues that TikTok Shop's growth is decelerating based on alternative data, and that Shopee's margin compression is discretionary investment to strengthen competitive positioning. The core value remains in the network and distribution capabilities. Gaming platforms benefit from network effects where millions of players create instant matchmaking and attract user-generated content creators. As games become easier to make with AI, profit pools will shift toward distribution and monetization platforms rather than game creation itself. The bottleneck remains in attracting users and monetizing games, not creating them.	SE EDU	View
2024 Q4	Dec 31, 2024	Oakmark Fund- International Small Cap	2.0%	16.0%	ABNB, CG, CNC, ELV, GEHC, KDP, WFC	-			View
2024 Q4	Dec 31, 2024	Oakmark Select Fund	6.0%	14.2%	ABNB, EFX, IQV, KDP, PAYC	-			View
2024 Q4	Dec 31, 2024	Parnassus Value Equity Fund	-1.5%	12.0%	ABNB, ALGN, AMAT, AMZN, AVGO, AZN, BALL, BAX, BIIB, BK, DHI, DIS, FIS, GOOG, GPN, INTL, MU, NICE, NTR, NVO, ORCL, PGR, SCHW, TSM, V	-			View
2023 Q4	Dec 1, 2024	Polen Capital – Focus Growth	3.0%	11.0%	AAPL, ABNB, AMZN, CRM, ILMN, MSFT, NFLX, NOW, NVDA	-			View
2024 Q3	Oct 7, 2024	Nightview Capital	0.0%	0.0%	AAPL, ABNB, AMZN, BLK, DKNG, GOOG, GS, H, LVS, META, MGM, MS, NFLX, QCOM, SCHW, TSLA, TSM, WYNN	-			View
2024 Q3	Oct 23, 2024	Polen Capital – Focus Growth	3.0%	11.0%	ABNB, APPL, CRM, GOOG, MSCI, NKE, NOW, NVDA, ORCL, PAYC, SHOP, TSLA	-			View
2025 Q3	Oct 21, 2025	Baron Real Estate Fund	10.2%	6.4%	AAON, ABNB, AMT, CBRE, CRH, IRM, JLL, WYNN	Housing, infrastructure, Property tech, real estate, REITs	The fund outperformed benchmarks, supported by strength in REITs, homebuilders, and travel-related real estate. Management sees real estate entering a recovery phase as supply tightens, rates ease, and institutional capital re-enters the sector. Long-term themes include housing affordability, infrastructure demand, and the rise of property technology.	FND AAON WYNN FND AAON WYNN	View
2025 Q3	Oct 15, 2025	Parnassus Value Equity Fund	7.5%	-	ABNB, ABT, BALL, BK, CMI, DE, DHI, HD, NICE, NVO, ORCL, SPGI, SYK, TSM, WDC	Artificial Intelligence, Health Care, Medical Devices, Rate Cuts, Value Investing	Parnassus outperformed its benchmark as AI-related holdings such as Oracle and TSMC boosted returns. The fund trimmed IT exposure after strong gains, reallocating into healthcare names like Abbott and Stryker to capture durable medical device growth. Management expects value stocks to outperform amid declining rates, stable growth, and rich overall market valuations.		View
2025 Q4	Jan 30, 2026	Baron Focused Growth Fund	12.3%	22.3%	ABNB, ACGL, BIRK, CHH, CSGP, DEI, DUOL, FDS, FIGS, GWRE, H, IBKR, IDXX, IOT, JEF, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TOL, TSLA, VRSK	AI, consumer, Electric Vehicles, growth, healthcare, real estate, Space, technology	The fund discusses concerns about AI introduction into the economy and its impact on subscription-based software companies. AI competition has hurt valuations of platform investments like Spotify, CoStar, and Guidewire, though it hasn't impacted their financial performance. The fund holds X.AI Holdings Corp., formed through merger of X and xAI, which has developed competitive AI model Grok. The consumer remains quite resilient despite concerns about higher inflation, interest rates, and tighter labor market. Consumer-oriented investments including FIGS, Hyatt Hotels, and On Holding showed strength in the quarter. The fund sees continued resilience in consumer demand for health care apparel and premium products. SpaceX is generating significant value with rapid expansion of Starlink broadband service, deploying vast satellite constellation with substantial user growth. The company has established itself as leading launch provider with reusable technology and is making tremendous progress on Starship rocket. SpaceX represents the fund's largest position at 19.2% of net assets. Tesla remains a core holding representing 8.1% of net assets as an electric vehicle leader. The fund views Tesla as a disruptive growth company with large underpenetrated addressable markets, well financed with significant equity stakes by founder-led management giving further conviction in the investment.	DUOL CSGP SPOT ONON H FIGS GWRE	View
2023 Q4	Jan 30, 2024	Nightview Capital	10.9%	79.1%	ABNB, DIS, TSLA, Z	-			View
2025 Q4	Jan 21, 2026	Meridian Hedged Equity Fund	0.1%	0.0%	ABNB, AMZN, CB, DHI, DHR, DKNG, GEO, LNG, LW, LYV, MGM, MTCH, VST, YOU	energy, gaming, Hedged Equity, Homebuilders, Options, Travel, value	The fund holds positions in gaming companies including MGM Resorts International and DraftKings. MGM benefited from record results in Macau properties and BetMGM achieving profitability. DraftKings faced near-term pressures from earnings shortfalls and competitive pressures but maintains long-term earnings potential. The fund maintains exposure to energy companies including Vistra Corp and Cheniere Energy. Vistra is positioned to benefit from surging electricity demand driven by data centers and electrification trends, operating attractive nuclear and natural gas generation assets in tight power markets. The fund has exposure to travel-related companies including MGM Resorts and Clear Secure. Clear Secure provides biometric identity solutions for travelers and benefited from robust travel demand and operational efficiency during the quarter. The fund holds D.R. Horton as a top position, representing exposure to the homebuilding sector. The company is positioned in the residential construction market.	YOU DHR MGM VST DKNG LW	View
2025 Q4	Jan 18, 2026	Octahedron Capital	0.0%	0.0%	ABNB, AMZN, BKNG, CART, CHWY, CPNG, CVNA, DASH, ETSY, EXPE, GOOGL, GRAB, MELI, META, NVDA, PINS, RDDT, SNOW, UBER, W	AI, Cloud, Digital, E-Commerce, growth, infrastructure, semiconductors, technology	AI infrastructure demand remains robust with cloud providers aggressively adding capacity and seeing strong bookings. Enterprise AI adoption is accelerating with over 70% of Google Cloud customers using AI products. AI is enabling productivity gains and new business models across software companies. On-demand delivery continues accelerating growth with companies like Uber reaching $12B grocery run-rate and DoorDash seeing highest growth in 3+ years. Cross-selling and new product initiatives are driving engagement while autonomous delivery platforms are being deployed. Cloud providers are seeing demand significantly ahead of capacity with AWS reaccelerating to 20.2% growth and Azure growing 40%. Multi-billion dollar bookings and long-term contracts are driving unprecedented infrastructure investments. Memory entering historic cycle with step-function margin gains and tight supply through 2026. AI networking components fully booked through 2027 while foundry utilization improves with increased capex outlook. Payment volumes remain stable with consumer loan charge-offs steady. NuBank continues dominating LATAM with Mexico scaling and strong unit economics while maintaining growth focus over margin optimization. US travel rebounded strongly in Q3 with nights and seats booked up 9% year-over-year. Booking.com's Genius program accounts for mid-50% of room nights while Airbnb received 110,000 experience supplier applications.		View
Q4 2025	Jan 16, 2026	GDS Investments	-	-	ABNB, AMZN, CRWV, DEO, F, GE, GM, GOOGL, LEN, NVO, ORCL, RIVN, STZ, TDW, TREX, VAL, WMT, ZTS	AI, Buybacks, cyclicals, Electric Vehicles, Quality, Rotation, technology, value	AI-related infrastructure investment is beginning to unwind or recalibrate, with companies shifting from internal cash flows to debt financing. The manager expects a widening gap between pure AI infrastructure companies and those with diversified business models. Market rotation is expected away from speculative AI growth toward more traditional businesses. Share repurchases feature prominently across the portfolio as a signal of management confidence and value creation amplification. Multiple holdings have authorized significant buyback programs, including TDW ($500M), VAL ($600M ongoing), STZ ($4B), and others totaling billions in authorized repurchases. Rivian represents maybe the most exciting position in the portfolio, with the company developing its own autonomy platform and in-house chip (RAP1). The R2 model represents a pivotal moment, and partnerships with Volkswagen and Amazon have strengthened the balance sheet while expanding strategic options. The manager focuses on separating durable value from speculative excess, building positions in under-owned, under-valued businesses with strong balance sheets and leadership positions. The strategy involves finding high-quality businesses facing cyclical headwinds that have pushed market prices below intrinsic value.	RIVN TREX AMZN GOOG	View
2025 Q4	Jan 12, 2026	Akre Focus Fund	-2.8%	1.2%	ABNB, BN, CCC, CSGP, CSU.TO, FICO, GOOGL, KKR, MA, MC.PA, MCO, MSFT, NVDA, ORLY, ROP, TOI.TO, V	AI, Concentration, ETF, Quality, software, value	The manager believes AI concerns about their software holdings are overblown and that their businesses will be enormous beneficiaries of AI. They argue that much of the business and financial benefit from AI will accrue to already-advantaged users of AI tools rather than providers, particularly businesses with customer intimacy, ecosystem dominance, and proprietary data. AI is viewed as the first technological shift to favor incumbents over new entrants. The manager emphasizes their focus on quality businesses with durable competitive advantages, strong balance sheets, excellent returns on capital, and high profitability. They note that quality has historically outperformed over time, citing the S&P 500 Quality Index's superior long-term returns versus the S&P 500. The current performance disparity between quality and growth reminds them of 1999. The fund converted from mutual fund to ETF structure in October 2025. The manager discusses their unorthodox approach to ETF management, using cash-only create baskets to maintain opportunistic deployment rather than pro-rata approaches. They favor buying stocks at known prices rather than receiving shares in-kind at unknown prices through the ETF creation process.		View
2025 Q1	Mar 31, 2025	Oakmark Global Fund	4.4%	4.4%	ABNB, GOOGL, LYG, RI FP, SYY	-			View
2024 Q4	Jan 16, 2025	Nightview Capital	-	-	ABNB, AMZN, BLK, DE, DKNG, GS, H, LVS, META, MGM, MS, NFLX, QCOM, SCHW, TSLA, TSMC, WYNN	-			View
2024 Q4	Jan 16, 2025	Polen Capital – Global SMID Company Growth	2.3%	12.0%	ABNB, ADBE, AMZN, CSGP, GOOG, ICLR, MC FP, NVO, OR FP, ORCL, PAYC, SHOP	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 22, 2026	Twitter / X	@TechFundies	Airbnb, Inc.	Consumer Discretionary	Hotels, Resorts & Cruise Lines	Bear	NASDAQ	Airbnb, Down Last, Emerging markets, Europe, Experiences, Experiences Services, Kind Stuck, Stuck	View Pitch
Jan 8, 2026	Fund Letters	Rich Eisinger	Airbnb Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	cashflow, marketplace, Networkeffects, platform, Travel	View Pitch
Oct 23, 2025	Value Investors Club	coffee1029	Airbnb, Inc.	Consumer Discretionary	Hotels, Resorts & Cruise Lines	Bull	NASDAQ	FCF margin, Hotels, operating leverage, Tariff selloff	View Pitch
Sep 16, 2025	Short Thesis	Bear Cave	Airbnb Inc	Consumer Discretionary	Hotels, Resorts & Cruise Lines (Alt Lodging)	Bear	NASDAQ	Competition, Leisure, Regulation, Rentals, Travel	View Pitch
Sep 11, 2025	Seeking Alpha	Seeking Alpha	Airbnb, Inc.		Travel Services	Bull		Airbnb hosts, competitive market, economic contraction, economic headwinds, flexible pricing, hospitality, leisure industry, market recovery, Regulatory Risks, Revenue Growth	View Pitch
Aug 13, 2025	Seeking Alpha	Julian Lin	Airbnb, Inc.	Other	-	Neutral	NASDAQ	—	View Pitch
Aug 13, 2025	Seeking Alpha	Richard Durant	Airbnb, Inc.	Consumer Discretionary	Travel Services	Neutral	NASDAQ	—	View Pitch
Aug 7, 2025	Seeking Alpha	Anton Davydkin	Airbnb, Inc.	Consumer Discretionary	Travel Services	Bull	NASDAQ	—	View Pitch

BSD Shareholders of ABNB

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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