MGM

MGM

MGM

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 7, 2025	Meridian Hedged Equity Fund	4.9%	-	CVX, HUN, KVUE, MGM, MSFT, VST	capital preservation, downside protection, Hedging, Options, volatility	The commentary focuses on managing downside risk through selective hedging while maintaining equity upside. Covered calls and disciplined stock selection are used to smooth returns across market cycles. Capital preservation is framed as central to long-term compounding.	MGM MSFT VST	View
2025 Q2	Jul 22, 2025	Longleaf Partners Fund	5.3%	-0.1%	DINO, FDX, KHC, MGM, REGN	dislocation, fundamentals, Margin Of Safety, Speculation, valuation	The letter emphasizes broad market mispricing driven by speculation, indexing, and short-term earnings obsession. Management argues that quality businesses are trading at steep discounts to intrinsic value. Elevated cash levels reflect discipline amid limited margin of safety in broader markets.		View
2025 Q1	Mar 31, 2025	Meridian Hedged Equity Fund	-0.2%	-0.2%	ACVA, AMZN, GEO, ICE, MGM, V	-			View
2024 Q4	Dec 31, 2024	Davis Global Fund	-	22.7%	005930 KS, 2318 HK, 3690 HK, AMAT, AMZN, BRK/A, COF, CVS, ENT LN, GOOG, HUM, META, MGM, TCEHY, TCOM	-			View
2023 Q4	Dec 31, 2023	Davis Global Fund	0.0%	0.0%	081660 KS, 3680 HK, 9618 HK, AMAT, AMZN, BEKE, COF, DSN0 GR, META, MGM	-			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 16, 2024	Longleaf Partners Fund	10.4%	10.3%	CNX, FDX, K, MGM, PYPL	-			View
2024 Q3	Oct 16, 2024	Longleaf Partners Global Fund	14.8%	18.4%	CNX, DHER GR, ERF FP, FDX, K, MGM, PROSY	-			View
2023 Q3	Oct 10, 2023	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	AMSWA, CCF, CNX, CVLT, DLHC, ECVT, HCCI, HNRG, IAC, LFCR, MGM, SSP, VSAT	-			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 14, 2026	Longleaf Partners Fund	-0.3%	-0.4%	ACI, AMG, ANGI, AVTR, CNX, DINO, DIS, EXO.MI, FDX, H, IAC, KHC, MAT, MGM, PCH, PVH, PYPL, REGN, RTX, RYN	Buybacks, Cash, Defensive, Leverage, Quality, value	Fund focuses on undervalued companies trading below intrinsic value with P/V ratio in low-60s%. Manager emphasizes buying quality companies at discounts and waiting for market recognition of value. Multiple portfolio companies engaged in significant share repurchases including Mattel ($600M), Regeneron, MGM (40% over 5 years), and PVH. Manager views buybacks as value-creating at current discounted prices. Holdings include Mattel with strong IP portfolio (Hot Wheels, Barbie, UNO) and upcoming movie releases, plus IAC's digital assets. Focus on companies with valuable content and intellectual property.	ANGI PVH PYPL MGM IAC REGN MAT DINO KHC	View
2025 Q4	Jan 14, 2026	Longleaf Partners Global Fund	5.3%	16.7%	ANGI, AVTR, BIO, CNH, CNX, DHER.DE, EXOR.MI, F, FI, GLAN.L, GRUMA.MX, IAC, JFC.PS, KHC, MAT, MGM, PHG, REGN, STLA, TIGO, UNH	Buybacks, FCF, global, Holdings, Media, Quality, value	The fund maintains a concentrated portfolio of undervalued stocks trading at low P/V ratios in the low-60s%. Management emphasizes finding defensive growers like consumer staples and timberland companies at better prices, similar to their successful positioning in 1999. They focus on companies with strong free cash flow generation and quality management partners. Multiple portfolio companies are actively repurchasing shares at attractive prices. MGM has repurchased over 40% of shares in five years, Glanbia added to buyback programs, and Exor executed efficient share repurchases via Dutch auction. The fund views these as value-creating capital allocation moves. Canal+ renewed exclusive UEFA Champions League rights for 2027-2031 at better economics than feared, reinforcing subscriber base quality. The company made operational progress across European and African platforms following the MultiChoice merger, though remains underfollowed as a French media company on London Stock Exchange.	AVTR BIO ANGI MGM KHC IAC TIGO GLB LN CAN LN	View
2024 Q3	Sep 30, 2024	Meridian Hedged Equity Fund	6.2%	0.0%	AMZN, MGM, PGNY, SBH, VST, YOU	-			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 Q1	Apr 20, 2023	Longleaf Partners Fund	10.4%	10.3%	DIS, FDX, GE, LUMEN, MGM, PVH	-			View
2023 Q1	Apr 20, 2023	Longleaf Partners Global Fund	14.8%	18.4%	DIS, FDX, GE, LUMEN, MGM, TIGO	-			View
2023 Q1	Mar 31, 2023	Baron Focused Growth Fund	11.7%	13.2%	ANSS, ARE, CSGP, DEI, FIGS, H, IBKR, IRDM, MANU, MGM, MSCI, TSLA	-			View
2023 Q4	Jan 17, 2024	Longleaf Partners Fund	10.4%	10.3%	FDX, FFX GR, GE, H, LUMEN SS, LYV, MAT, MGM, PVH, WBD	-			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	Longleaf Partners Fund	-1.3%	8.8%	CNX, DINO, FIS, IAC, K, LBRDK/A, MGM, PYPL, RTX, WBD	-			View
2024 Q4	Jan 16, 2025	Longleaf Partners Global Fund	-6.7%	10.5%	CNX, ERF FP, FIS, IAC, K, MGM, PRX NA, TIGO, VIV FP, WBD	-			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	MGM Resorts International	Consumer Discretionary	Casinos & Gaming	Bull	New York Stock Exchange	buybacks, Digital, Gaming, Macau, Travel	View Pitch
Jan 20, 2026	Fund Letters	Ross Glotzbach	MGM Resorts International	Consumer Discretionary	Casinos & Gaming	Bull	New York Stock Exchange	Assetrecycling, buybacks, cashflow, Gaming, Vegas	View Pitch
Jan 16, 2026	Fund Letters	Ross Glotzbach	MGM Resorts International	Consumer Discretionary	Casinos & Gaming	Bull	New York Stock Exchange	Assetrecycling, buybacks, cashflow, Gaming, Vegas	View Pitch
Jan 8, 2026	Fund Letters	Clayton Freeman	MGM Resorts International	Consumer Discretionary	Casinos & Gaming	Bull	New York Stock Exchange	Casinos, Demand, Leisure, Macau, Margins	View Pitch
Nov 29, 2025	Fund Letters	Ross Glotzbach	MGM Resorts International	Consumer Discretionary	Casinos & Gaming	Bull	NYSE	asset monetization, balance sheet, Casinos, FCF, Las Vegas, Online betting	View Pitch
Oct 23, 2025	Value Investors Club	Condor	MGM Resorts International	Consumer Discretionary	Casinos & Gaming	Bull	NYSE	buybacks, Casinos, Digital gaming, iGaming, Macau	View Pitch
Aug 8, 2025	Seeking Alpha	Lipper Alpha Insight	MGM Resorts International	Consumer Discretionary	Resorts & Casinos	Bull	NYSE	—	View Pitch
Aug 7, 2025	Substack	Pacific Northwest Edge	MGM Resorts International	Consumer Discretionary	Resorts & Casinos	Bull	NYSE	—	View Pitch
Aug 7, 2025	Substack	Pacific Northwest Edge	MGM Resorts International	Consumer Discretionary	Resorts & Casinos	Bull	NYSE	—	View Pitch

BSD Shareholders of MGM

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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