DKNG

DKNG

DKNG

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 27, 2025	Brown Advisory Large-Cap Growth Strategy	16.4%	7.6%	DKNG, FICO, MSFT, NFLX, NOW, NVDA, PGR, SPGI, UBER, WST, ZTS	fundamentals, Large Cap Growth, market leaders, Pricing Power, volatility	The commentary highlights resilient large-cap growth leaders with strong balance sheets and pricing power amid heightened volatility. Management stresses taking advantage of market dislocations to add high-quality businesses at better risk-reward levels. Growth leadership is expected to broaden beyond mega-cap concentration.		View
2025 Q2	Aug 2, 2025	Meridian Growth Fund	4.1%	-	COO, CW, DKNG, FSS, HALO, ZD	Competitive Advantage, Compounding, growth, Recurring Revenue, volatility	The letter emphasizes investing in companies with sustainable growth driven by recurring revenue and competitive advantages. Management prioritizes downside protection and valuation discipline alongside growth. Volatility is viewed as a chance to add to long-term compounders.	COO HALO ZD	View
2024 Q2	Aug 2, 2024	Alger Spectra Fund	3.2%	32.4%	AMD, AMZN, DKNG, MLM, MSFT, NVDA	-			View
2025 Q2	Jul 29, 2025	Baron Asset Fund	7.8%	4.6%	ACGL, APH, COO, CSGP, DKNG, GWRE, IDXX, IOT, IT, LPLA, MSCI, MTD, PCOR, ROP, TECH, VRSK	balanced investing, Compounding, diversification, Quality, risk management	The commentary focuses on diversified equity exposure across growth and value styles to reduce volatility while compounding capital. Management emphasizes investing alongside capable operators in businesses with durable demand. Diversification across industries and business models is positioned as a long-term risk management tool.		View
2024 Q1	Apr 15, 2024	Artisan Focus Fund	7.0%	28.7%	DKNG, GE	-			View
2024 Q1	Apr 15, 2024	Baron Discovery Fund	13.5%	9.3%	ALGM, CDNA, CYBR PM, DAVA, DKNG, ICHR, INTA, KNSL, MASI, NARI, NVTS, RGEN, RH, SMCI	-			View
2025 Q1	Mar 31, 2025	Baron Asset Fund	-3.0%	-3.0%	ACGL, CSGP, DKNG, GWRE, IT, ROP, SCHW, TECH, TTD, VRSK, VRT, WST	-			View
2022 Q4	Mar 28, 2023	Adestella Investment Management	11.4%	-14.7%	DASH, DKNG, FC, OTLY, SNOW	-			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
2025 Q3	Oct 16, 2025	Brown Advisors Mid-Cap Growth strategy	2.0%	9.4%	ALNY, CAH, CMG, CVNA, DKNG, DXCM, FIG, FIX, MDB, NTSK, OS, PSN, RBLX, TTD, VRSK, WST, ZS	Artificial Intelligence, Biotechnology, cybersecurity, Data centers, healthcare	Brown Advisory sees strong tailwinds from AI and data center infrastructure fueling select mid-cap growth opportunities, including semiconductors, software, and cybersecurity. The fund also focuses on healthcare innovation, emphasizing biotech firms and specialty drug distributors benefiting from complex therapies and new technologies. It maintains a disciplined approach, trimming overvalued AI-exposed holdings and adding positions in emerging digital security and healthcare growth names.	CVNA NTSK PSN	View
2025 Q4	Jan 26, 2026	ClearBridge Mid Cap Growth Strategy	0.0%	0.0%	APG, ARE, ARGX, BSY, CHDN, CHWY, CMPO, CPAY, CWST, DKNG, DOCS, DT, EXPE, LNW, PFGC, PTC, RBLX, RESI, TDY, TYL, XPO	AI, dispersion, fundamentals, gaming, mid cap, real estate, stock selection, technology	AI-driven disruption concerns weighed on software businesses as investor sentiment weakened amid heightened sensitivity to earnings expectations. The market showed unusually concentrated focus on AI and its immediate beneficiaries throughout 2025, with limited investor attention for performance not tied to artificial intelligence. Gaming holdings provided positive contributions with Light & Wonder rebounding following technical selling pressure and Churchill Downs advancing as operating trends normalized. The gaming sector showed resilience despite broader market headwinds affecting other areas of the portfolio. Online travel platforms contributed positively with Expedia benefiting from improved execution in its consumer business and continued strength in its business-to-business segment. The travel sector demonstrated solid fundamentals amid the challenging market environment. Real estate was a significant source of pressure, particularly Alexandria Real Estate Equities which declined due to slowdown in biopharma research spending and excess laboratory capacity weighing on leasing demand and rental growth expectations. The position was exited due to ongoing uncertainty and dividend cut.	CPAY CWST ARE CHDN EXPE LNWO	View
2025 Q4	Jan 26, 2026	Brown Advisory Large-Cap Growth Strategy	-4.4%	1.8%	AAPL, ADBE, ALGN, AMZN, AVGO, CTAS, DDOG, DHR, DKNG, FICO, GNRC, GOOG, HLT, INTU, IOT, ISRG, META, MRVL, MSFT, NFLX, NOW, NVDA, NXPI, TT, TTD, UBER, VEEV, WDAY, ZTS	AI, Cloud, growth, large cap, semiconductors, software, technology	AI integration is driving differentiation across portfolio companies, with ServiceNow and Intuit advancing meaningful AI initiatives that enhance customer value and deepen competitive advantages. The manager views AI investments in three concentric circles: semiconductor companies powering AI infrastructure, hyperscalers deploying AI at scale, and companies integrating AI to enhance products and services. Semiconductors doubled from April lows with NVIDIA and Broadcom among biggest contributors. The manager maintains meaningful exposure to hardware-oriented AI plays but avoids over-concentration despite strong momentum, viewing semiconductor companies as the first circle of AI infrastructure investments. Cloud businesses showed strong performance with Google Cloud growing nearly 34% year-over-year and AWS accelerating to 20% growth. The manager views hyperscalers as the second circle of AI investments, deploying AI at scale across their platforms.	ZTS MRVL VEEV NOW NFLX DHR AVGO MSFT UBER NVDA AMZN FICO HLT ISRG GOOG	View
2025 Q4	Jan 26, 2026	Baron Discovery Fund	0.2%	11.0%	ALKT, CWAN, CWST, DKNG, DT, ESTA, EXAS, FROG, GCI, GTLB, INDIE, LLYVA, LOAR, MRCY, PRMB, RGEN, S, SITM, TREX, VRNS, WAY	AI, defense, growth, healthcare, Quality, small caps, software	The fund discusses AI as a transformative force requiring careful alignment of goals with humanity's interests. They view AI advancement as creating massive capital investment opportunities, particularly in datacenter buildout, while acknowledging concerns about AI's impact on software competitive advantages. The fund maintains significant exposure to enterprise software companies, particularly cybersecurity and systems software. They believe complexity of enterprise integration protects established players from AI disruption, with companies like Dynatrace, Varonis, and SentinelOne offering defensive moats through proven resilience and security. The fund focuses on innovative healthcare companies including molecular diagnostics (Exact Sciences), medical devices (Establishment Labs), and healthcare IT (Waystar). They see opportunities in companies improving patient outcomes through technology and automation in healthcare processes. The fund holds defense companies benefiting from increased defense budgets, including allocations for unmanned vehicles and missile defense systems. They trimmed positions after meaningful valuation increases but maintain defense as a core holding area.	CWST GLIBA PRMB LLYVA VRNS INDI FROG CAS WAY CWAN ESTA EXAS	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
2024 Q2	Jul 17, 2024	Nightview Capital	0.0%	0.0%	AAPL, AMZN, BLK, DKNG, GOOG, GS, H, LVS, META, MGM, MS, NFLX, NITE, QCOM, SCHW, TSLA, TSM, WYNN	-			View
2023 Q4	Jan 30, 2024	Baron Discovery Fund	13.5%	9.3%	AAON, AEIS, DKNG, ESTA, GTLB, GTLS, KNSL, MRCY, S, VRNS	-			View
2023 Q1	Jan 25, 2023	Baron Discovery Fund	13.5%	9.3%	AXNX, AXON, CERT, CYBR, DKNG, FND, GTLB, INDI, MEG, NARI, NVTS, RVNC, SILK, SITM, VRAY	-			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

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 24, 2026	Fund Letters	Clayton Freeman	DraftKings Inc.	Consumer Discretionary	Gambling	Bull	NASDAQ	buybacks, Engagement, Gaming, Online betting, Regulation	View Pitch
Oct 30, 2025	Short Thesis	Bear Cave	DraftKings Inc.	Consumer Discretionary	Hotels, Restaurants & Leisure – Casinos & Gaming	Bear	NASDAQ	Sports Betting, Prediction Markets, Kalshi, Polymarket, Disruption, Margin Compression, Litigation Risk, Valuation Bubble	View Pitch
Oct 30, 2025	Short Thesis	Spruce Point	DraftKings Inc.	Consumer Discretionary	Hotels, Restaurants & Leisure – Casinos & Gaming	Bear	NASDAQ	Digital Transformation, Sports betting, Gambling	View Pitch
Oct 23, 2025	Value Investors Club	Flaum	DraftKings Inc.	Consumer Discretionary	Casinos & Gaming	Bull	NASDAQ	Digital duopoly, EBITDA inflection, iGaming, Sports betting, U.S. gaming	View Pitch
Oct 12, 2025	Seeking Alpha	Seeking Alpha	DraftKings Inc.		Gambling	Bull		DraftKings, growth prospects, iGaming, market share, NBCUniversal partnership, online sports betting, prediction markets, regulatory headwinds, stock pullback, valuation	View Pitch
Aug 13, 2025	Seeking Alpha	Building Benjamins	DraftKings Inc.	Consumer Discretionary	Gambling	Bull	NASDAQ	—	View Pitch

BSD Shareholders of DKNG

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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