BKNG

BKNG

BKNG

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	FCL Capital	-	-	ASML, BKNG, BYD, CHGG	AI, Capex, Cloud, infrastructure, semiconductors	FCL frames AI as a transformational but volatile technological wave, with potential outcomes ranging from exponential economic growth to systemic risk. They emphasize picks-and-shovels beneficiaries like ASML due to irreplaceable technological moats, while warning of overvaluation in popular AI-exposed equities. AIs long-term adoption curve continues to reshape semiconductors, cloud infrastructure, and corporate CAPEX cycles.		View
2025 Q2	Sep 30, 2025	Qualivian Investment Partners	7.0%	-	AJG, AMZN, AZO, BKNG, CPRT, META, MSFT, SPGI	compounders, free cash flow, Pricing Power, Quality, returns on capital	The letter emphasizes long-term ownership of a small number of exceptional businesses with durable competitive advantages and long reinvestment runways. Quality is defined through high returns on capital, strong free cash flow, low leverage, and rational industry structures. The manager argues that premium-quality companies can justify high multiples when compounding is sustained over long horizons.		View
2023 Q2	Jul 6, 2023	Citadel Value Fund SICAV	-	-	5184 JP, BKNG, LIGHT NA, NOV, SOL, STLA, VTSC GR	Automotive, CashFlow, Intrinsic Value, Quality, valuation	Valuation: The letter emphasizes that the portfolio trades at a 44% discount to intrinsic value, supported by normalized earnings assumptions rather than optimistic growth. The funds weighted free cash flow yield of 8% and 3.4x EBITDA multiple reflect deep value positioning. Quality: Citadel reiterates its focus on fundamental company analysis, long-term normalized earnings power, and margin-of-safety discipline. The letter stresses that deep knowledge, accounting scrutiny, and conservative modeling reduce downside risk. Automotive: Stellantis emerges as a major new theme, with strong margins, cost synergies from platform integration, BEV leadership in key markets, and an ultra-strong balance sheet. The fund sees Stellantis 50% normalized FCF yield as exceptionally attractive.		View
2025 Q2	Jun 30, 2025	ACATIS Investment	-	-5.2%	1177 HK, BKNG, BNTX, ITM LN, LRCX, PLTR	Artificial Intelligence, Data centers, Energy Infrastructure, Pricing Power, semiconductors	The report discusses the continued global race to scale artificial intelligence capabilities, emphasizing capital intensity in semiconductors, data centers, and energy infrastructure as structural drivers of corporate investment. Management highlights the migration of value from hardware build-out toward software monetization, while warning that elevated equity valuations and geopolitical fragmentation increase dispersion across regions and sectors. Portfolio positioning favors globally competitive companies with durable pricing power and exposure to long-term innovation cycles rather than cyclical beta.	ITM LN	View
2025 Q1	May 22, 2025	Brown Advisors Global Leaders Strategy	-	-0.4%	ABNB, AMZN, BKNG, GE, GOOG, LSEG LN, SHW, ZM	-			View
2024 Q1	Apr 15, 2024	Wedgewood Partners	5.8%	22.4%	BKNG, CDW, CPRT, META, POOL, PYPL, SPGI, V	-			View
2023 Q1	Mar 31, 2023	Platinum International Technology Fund	13.2%	13.2%	6539 JP, 6963 JP, BKNG, GOOG, META, MSFT, NFLX, NXPI, SOI FP	-			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
2025 Q4	Dec 31, 2025	ACATIS Investment	0.0%	0.3%	ADBE, AMR, BARC.L, BKNG, BNTX, BRK-A, CLS, CRM, DHR, EBS.VI, EL.PA, EPAM, GLE.PA, GOOGL, KKR, LRCX, NVDA, PGR, TSMC, ZTS	AI, Asia, Banking, Europe, Geopolitical, semiconductors, technology, value	The report discusses the continued global race to scale artificial intelligence capabilities, emphasizing capital intensity in semiconductors, data centers, and energy infrastructure as structural drivers of corporate investment. Management highlights the migration of value from hardware build-out toward software monetization, while warning that elevated equity valuations and geopolitical fragmentation increase dispersion across regions and sectors. Portfolio positioning favors globally competitive companies with durable pricing power and exposure to long-term innovation cycles rather than cyclical beta.	PLTR KOG NO DB1 GR 1177 HK 600183 CH DHR BARC LN AMR ADBE TUNE LN FAA AV EBS AV EPAM	View
2024 Q4	Dec 31, 2024	L1 Capital International Fund	11.4%	29.0%	BKNG, EXP, GPK, HCA, MSFT, NVDA, UNH	-			View
2024 Q4	Dec 31, 2024	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	0.0%	15.6%	BKNG, CDW, KMX, MCHP, SSB	-			View
2023 Q4	Dec 21, 2023	Citadel Value Fund SICAV	-	-	1005930 KS, BKNG, VTSC GR	Automotive, CashFlow, Intrinsic Value, risk, valuation	Valuation: The portfolio trades at a 36% discount to intrinsic value with a 7% look-through FCF yield and 6.9x EV/EBITA. Citadel emphasizes margin of safety, disciplined buying at deep discounts, and long-term normalized earnings as anchors for valuation. Risk: The letter argues that volatility is not risk, defining true risk as permanent capital loss. Citadel mitigates risk by avoiding leverage, weak business models, and poor management, while using conservative intrinsic value estimates and disciplined purchase prices. Automotive: Vitescos electrification strength, 60bn order book, and robust 2023 performance made it the largest contributor. Stellantis also contributed significantly with strong margins and capital discipline. Despite being undervalued, Vitesco was effectively forced into a takeover at a price below intrinsic value.		View
2023 Q3	Oct 31, 2023	Ensemble Capital	0.0%	8.0%	ADI, BKNG, BR, GOOG, ILMN, MA, MASI, NFLX	-			View
2022 Q3	Oct 24, 2022	L1 Capital International Fund	4.7%	0.0%	ADBE, AMD, AMZN, BKNG	-			View
2022 Q3	Oct 17, 2022	Kovitz Core Equity Strategy	-5.4%	-26.7%	ADI, BKNG, J, JPM, KMX, NTRS, PWR	-			View
2025 Q3	Oct 14, 2025	Wedgewood Partners	5.9%	6.2%	BKNG, CDW, CPRT, GOOG, META, MSFT, PYPL, TSM	Artificial Intelligence, Data centers, energy, Leverage, semiconductors	Wedgewood warns of an unsustainable AI capital spending boom reminiscent of past tech bubbles. It highlights mounting corporate leverage and grid strain from AI data center expansion, raising concerns about long-term returns. The letter praises firms like TSMC, Microsoft, and Meta for disciplined execution but cautions that AIs debt-fueled growth could become cyclical.	MSFT US META US PYPL US GOOGL US	View
2022 Q3	Oct 10, 2022	RiverPark Large Growth	3.7%	16.4%	BKNG, FIVN, GOOG, INTU, NFLX, NKE, NOW, PINS, PYPL, RNG, SCHW PR D, SNAP, UBER, V, WDAY	-			View
2025 Q4	Jan 21, 2026	Platinum International Fund	3.0%	13.0%	AER, AMZN, BKNG, CRH, DHR, GOOGL, ICE, INTU, J, MA, MSFT, TSM, UBER, V	AI, Aircraft Leasing, global, growth, large cap, payments, semiconductors, technology	Markets continue to grapple with AI potential and its impact across industries. Every industry and company is being categorized as either an AI Winner or AI Loser, which the manager views as a shallow distinction. Almost every industry will need to incorporate and adapt AI, creating both opportunities and disruption across sectors. AerCap contributed 1.4% to Fund returns during the quarter. The aircraft leasing business continues to perform well as a key contributor to portfolio performance, representing a significant position in the Fund's financials allocation. TSMC contributed 0.7% to Fund performance and is highlighted as the leading manufacturer of semiconductor chips used in AI, mobile phone and other applications. The company benefits from extremely strong demand, has industry-leading manufacturing capabilities, and continues to exceed financial performance expectations with a long runway for future growth. The Fund maintains significant exposure to payments companies including Mastercard and Visa as top 10 holdings, representing 12% of the portfolio allocation. These companies benefit from the ongoing digitization of payments and strong network effects in the global payments ecosystem.		View
2025 Q4	Jan 21, 2026	Platinum Global Fund (Long Only)	3.0%	16.0%	AER, AMZN, BKNG, CRH, ICE, INTU, MA, MSFT, TSM, V	Diversified, global, large cap, payments, technology	Global equity markets in 2025 delivered strong headline returns but masked significant dispersion beneath the surface, with performance driven by a narrow group of AI-related leaders. Many high-quality global businesses lagged despite solid fundamentals, creating opportunities for disciplined stock selection and valuation-driven investing. The manager remains focused on owning resilient, high-return businesses at reasonable prices while avoiding speculative excess and market fads.		View
2025 Q4	Jan 20, 2026	Harding Loevner Global Equity	1.9%	12.7%	0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300760.SZ, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, COMP.L, CSGP, D05.SI, DE, DHR, DPLM.L, EFX, ELV, EPI-A.ST, FN, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY	AI, global, international, semiconductors, technology, value	AI represents a capital-expenditure regime with two distinct camps: hyperscalers investing in computing capacity and physical enablers of the buildout. The US market is more dependent on AI continuing to surprise to the upside due to richer valuations and concentrated exposure. Global semiconductor ecosystem enables AI buildout, spanning chip foundries, memory-chip makers, and equipment manufacturers. International markets are more heavily tilted toward this manufacturing and infrastructure provider segment. International markets trade at roughly half the multiples of US stocks, offering more attractive valuations. Non-US markets start from cheaper valuations and possess more diverse growth opportunities unrelated to AI.	GOOG	View
2025 Q4	Jan 19, 2026	Forager International Shares Fund	-2.0%	15.0%	AUTO.L, BKNG, CRH, CRM, FISV, FIX, FLUT, G24.DE, INCH.L, INGA.AS, IT, LNR.TO, NUTX, NXT, PSI.TO, REA.AX, SES.MI, WISE.L, XRO.AX, ZEG.L	AI, global, Quality, small caps, technology, Travel, value	AI companies' insatiable demand for data centres and power generation led to significant returns for heating and cooling system installer Comfort Systems and solar equipment company Nextpower. Markets are increasingly questioning whether new AI-enabled competitors and solutions threaten the dominance of application software companies. The fund added three technology companies that have each halved over 2025 and hopes to add more. Many tech stocks had become expensive but recent falls present opportunities, though most still aren't cheap enough including Xero. International arrivals into Australia set post-Covid records in recent months, with August, September and October combined seeing arrivals hit 97% of 2019 levels. Travel has historically grown at a multiple of GDP growth and there is still catching up to do. Quality businesses with strong moats and decades of earnings growth suffered in 2025 as share prices had been growing faster than earnings. High multiples became a problem even for the best businesses, resulting in years of no returns or significant derating.	ARX AU ZEG LN NXT NUTX FISV	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
2025 Q4	Jan 18, 2026	Mayar Capital	4.5%	14.1%	005930.KS, 7476.T, 7974.T, BFAM, BKNG, BNNTF, CAP.PA, CFR.SW, CRDA.L, GOOGL, JNJ, KVUE, NESN.SW, NKE, OR.PA, PYPL, SOLV, TW.L, UL, UPS, V, VWS.CO	defense, fundamentals, global, Quality, Speculation, value	The fund maintains its disciplined value investing approach, focusing on boring companies with durable competitive advantages trading at reasonable prices. The manager emphasizes that fundamentals eventually win out despite current market speculation. The manager identifies significant red flags in circular financing fueling the AI boom, comparing it to vendor financing of the late 90s. Companies like Oracle, OpenAI, Nvidia and CoreWeave participate in arrangements that effectively fund their own customers' purchases. Strategy Inc. (formerly MicroStrategy) serves as a cautionary tale of speculative excess. The stock fell 60% as its premium to Bitcoin holdings evaporated, forcing the company to sell equity to cover preferred dividends rather than buy more Bitcoin.	NKE TW LN BKNG	View
2023 Q4	Jan 17, 2024	Ensemble Capital	0.0%	8.0%	0K85 LN, BKNG, BR, GOOG, ILMN, MA, MASI, NFLX, NKE, NOW, PAYX	-			View
2025 Q4	Jan 14, 2026	L1 Capital International Fund	2.2%	9.8%	AER, AMZN, BKNG, CRH, CRM, DHR, GOOGL, HCA, ICE, INTU, J, LSEG.L, MA, MSFT, TSM, UBER, UNH, V	AI, consumer, Global Equities, Macro, Quality, technology, valuation	AI continues to be a central focal point for stock markets, with companies being labeled as either AI winners or AI losers. The manager believes many perceived AI winners are trading at valuations requiring everything to go right, while some businesses labeled as AI losers present attractive opportunities due to exaggerated concerns. Traditional Quality factor materially underperformed the broader U.S. market by the widest margin since the dot.com boom, providing opportunities to invest in high-quality businesses at attractive valuations. The fund maintains focus on quality businesses with strong competitive moats. Consumer environment continues to be highly mixed with financial pressure building on lower socioeconomic consumers while affluent consumers thrive. This K-shaped economy influences portfolio decisions, steering clear of businesses exposed to less affluent consumers.	ICE LSEG LN INTU CRM TSM AER UBER J	View
2025 Q4	Jan 14, 2026	Wedgewood Partners	-1.8%	4.3%	AAPL, AMZN, BKNG, CB, CDW, CPRT, EW, GOOGL, META, MSI, ODFL, ORLY, POOL, PYPL, SPGI, TSCO, TSM, UNH, URI, V	AI, growth, large cap, Portfolio Management, Quality, technology, valuation	AI continues to drive significant revenue growth across portfolio companies. Google Cloud processes 1.3 quadrillion AI tokens per month, more than double from just a few quarters ago. Meta has been using AI tools for over a decade to manage their massive network, with their Andromeda machine learning system automatically retrieving and ranking tens of millions of potential ads based on user preferences. Taiwan Semiconductor Manufacturing continues to execute flawlessly on leading-edge node progression and capacity build-out, enabling the AI era by manufacturing nearly every compute accelerator including GPUs. The company's advanced nodes allow accelerator designers greater flexibility to increase performance while limiting power requirements in an increasingly power-constrained compute infrastructure industry. Google Cloud segment revenue and backlog growth accelerated, driven by AI workloads. Amazon's AWS has fostered some of the largest businesses in the world over the past 20 years, with revenue growth accelerating to over 20% as the company deployed almost 4 gigawatts of capacity for AI-workloads over the past 12 months. The manager expresses significant concern about excessive market valuations, noting that more than 30% of US market capitalization now trades above 10x sales, reminiscent of the tech bubble. The crowded AI trade and historically rich valuations are described as haunting prudent investing, with even most non-Magnificent Seven stocks failing to offer bargains. The manager has trafficked in quality stocks for more than 33 years, an approach that has served clients well since 1992 but did not work in 2025. The portfolio's fundamentals, prospective earnings growth rates, profitability measures, and balance sheet strength are notably superior to the S&P 500 Index and on par with the Russell 1000 Growth Index.	PYPL TSCO URI MSI META EW ODFL AAPL TSM GOOG CB AMZN	View
2023 Q3	Sep 30, 2023	L1 Capital International Fund	4.7%	0.0%	BKNG, INTU, NRP	-			View
2023 Q3	Sep 30, 2023	RiverPark Large Growth	3.7%	16.4%	AAPL, ADYEN, BKNG, BX, EQIX, FIVN, GOOG, ILMN, INTU, LLY, LMT, MCD, NFLX, PEP, SBUX, UBER	-			View
2023 Q3	Sep 30, 2023	RiverPark Long/Short Opportunity Fund	0.6%	11.1%	AAPL, ADYEN, BKNG, BX, EQIX, GOOG, ILMN, LLY, LMT, MCD, PEP, SBUX	-			View
2022 Q3	Sep 30, 2022	RiverPark Long/Short Opportunity Fund	0.6%	11.1%	BKNG, FIVN, INTU, V, WDAY	-			View
2024 Q2	Jul 15, 2024	Wedgewood Partners	5.8%	22.4%	AAPL, BKNG, CDW, GOOG, MSI, ODFL, POOL, PYPL, TSM, V	-			View
2023 Q1	Apr 20, 2023	Wedgewood Partners	5.8%	22.4%	AAPL, BKNG, FRC, GOOG, META, PGR, SPGI, TPL, TSM, UNH	-			View
2023 Q1	Apr 18, 2023	Cooper Investors Global Equities Fund (Unhedged)	5.5%	5.4%	7741 JP, BKNG, LSEG LN, RTO, SNPS	-			View
2023 Q1	Mar 31, 2023	Diamond Hill Large Cap Strategy	7.9%	14.7%	ALL, AMZN, BKNG, FRC, RRX, SIVBQ, TFC	-			View
2023 Q1	Mar 31, 2023	Ensemble Capital	0.0%	8.0%	BKNG, CMG, FRC, GOOG, MASI, NVR, RACE LN	-			View
2023 Q1	Mar 31, 2023	L1 Capital International Fund	4.7%	0.0%	BKNG, CRH, GPK	-			View
2024 Q4	Jan 14, 2025	Cooper Investors Global Equities Fund (Unhedged)	11.1%	20.6%	AHT LN, BKNG, ERF FP, FWONK, RYAN	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Mar 16, 2026	Substack	Rijnberk Invest Insights	Booking Holdings Inc.	Consumer Discretionary	Online Travel Services	Bull	NASDAQ Stock Market	AI disruption, Booking Holdings, Connected Trip, financial performance, global infrastructure, investment opportunity, loyalty program, market share, Online Travel, travel demand	View Pitch
Jan 21, 2026	Fund Letters	Abdulaziz A.Alnaim	Booking Holdings Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	Capital-light, Free Cash Flow, marketplace, network effects, Online Travel	View Pitch
Jan 8, 2026	Fund Letters	Peter Baughan	Booking Holdings Inc.	Consumer Discretionary	Online Travel Services	Bull	NASDAQ	AI, Margins, Personalization, platform, Travel	View Pitch
Nov 7, 2025	Substack	Rijnberk Invest Insights	Booking Holdings Inc.	Consumer Discretionary	Travel Services	Bull		Booking Holdings, competitive moat, Connected Trip, EBITDA margin, Free Cash Flow, Genius loyalty program, market share, Revenue Growth, Share Buybacks, travel industry	View Pitch
Oct 10, 2025	Substack	Rijnberk Invest Insights	Booking Holdings	Consumer Discretionary	Travel Services	Bull		Booking Holdings, brand portfolio, competitive pressures, economic recovery, global reach, long-term growth, market opportunity, online travel services, stock price decline, travel industry	View Pitch
Aug 8, 2025	Seeking Alpha	Anton Davydkin	Booking Holdings	Consumer Discretionary	Travel Services	Neutral	NASDAQ	—	View Pitch
Aug 8, 2025	Seeking Alpha	APAC Investment News	Booking Holdings	Consumer Discretionary	Travel Services	Bear	NASDAQ	—	View Pitch
Aug 8, 2025	Seeking Alpha	Harrison Schwartz	Booking Holdings	Consumer Discretionary	Travel Services	Neutral	NASDAQ	—	View Pitch
Aug 8, 2025	Seeking Alpha	Triba Research	Booking Holdings Inc.	Consumer Discretionary	Travel Services	Bull	NASDAQ	—	View Pitch

BSD Shareholders of BKNG

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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