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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%	-	ABNB, CVX, DHI, DHR, GEO, GFL, HUN, ICE, JPM, KVUE, MGM, MSFT, V, VST, YOU	energy, Hedged Equity, Options, Quality, risk management, technology, value	The fund benefits from AI-driven electricity demand through Vistra Corp, which is positioned to capitalize on surging power needs from AI data centers. Microsoft's AI monetization potential through OpenAI integration also contributed to performance.	HUN CVX KVUE MGM MSFT VST MGM MSFT VST	View
2025 Q2	Aug 25, 2025	Davis New York Venture Fund	-	11.5%	AMAT, AMZN, BRK-B, COF, CVS, DANSKE.CO, DGX, HUM, META, MGM, OC, SOLV, TECK, TOU.TO, TSN, TXN, UNH, USB, VTRS, WFC	AI, Concentration, financials, inflation, Quality, technology, Transition, value	GenAI is likely the most transformational technological development in modern history, driving major advances across industries while creating significant competitive, economic and social risks. The market for AI products and services is still in early days with fierce competition, making it risky to project long-term winners based on recent performance. AI will prove disruptive to once stable industries in ways difficult to anticipate.		View
2025 Q2	Jul 22, 2025	Longleaf Partners Fund	5.3%	-0.1%	BIO, CNX, EXOR.MI, FDX, FIS, HF, IAC, KHC, MAT, MGM, PVH, REGN	Buybacks, Cash, energy, healthcare, tariffs, value	The fund maintains a low-60s% price-to-value ratio and below 10x price-to-free cash flow multiple while the market trades at well above 20x. They continue to avoid popular favorites and tilt toward where near-term emotions have led to mispricings in their favor.	FDX REGN KHC MGM DINO	View
2023 Q2	Jun 30, 2023	AVI Global Trust	-	6.5%	AKER.OL, ANGI, APO, BN, FMX, IAC, KKR, MGM, PSH.L, SCBFF	banks, discount, Holding Companies, Japan, Media, NAV, value	AVI focuses on companies trading at discounts to estimated underlying net asset value. The fund targets holding companies and complex structures where market pricing creates opportunities for value extraction through discount narrowing and NAV growth.	IAC	View
2026 Q1	Apr 28, 2026	Diamond Hill Mid Cap	-2.0%	-2.0%	AIG, AR, AVTR, CARR, CIEN, FCX, HUM, KMB, LAMR, MGM, RRX, RTO, SSNC, WAY	AI, Defensive, energy, Geopolitical, healthcare, mid cap, Quality			View
2026 Q1	Apr 18, 2026	Longleaf Partners Global Fund	-4.4%	-4.4%	ACI, CNX, DHER.DE, DIS, FDX, GLB, IAC, MAT, MGM, PHG, REGN, RYN	activism, Forest Products, global, Logistics, private credit, Quality, value		MAT IEL.AX DHER.DE RYN GLB FDX	View
2024 Q1	Apr 15, 2024	Meridian Hedged Equity Fund	6.2%	0.0%	AMZN, CHTR, DHI, LBRDK, LYV, MGM, MSFT, NVDA, QCOM, RIVN, SBH, VST, YOU, ZM	energy, Hedging, large cap, Quality, risk management, technology	AI demand is driving strong performance for companies like Nvidia, whose GPUs have become industry standard for training large language models. The growing adoption of AI across enterprises and sovereign nations is expected to sustain growth in data center business. Amazon is also investing in AI and machine learning advancements.	AMZN NVDA VST RIVN LBRDA SBH	View
2025 Q1	Mar 31, 2025	Meridian Hedged Equity Fund	-0.2%	-0.2%	ABNB, ACVA, AMZN, DHI, DHR, GEO, GFL, ICE, LYV, MGM, V, YOU	Hedging, Options, Quality, tariffs, value, volatility	The first quarter witnessed marked shift in market volatility dynamics with VIX experiencing significant escalation from mid-February through March end. Higher volatility was driven by rising policy uncertainty from the new U.S. administration, specifically concerning aggressive tariff implementations. During periods of heightened uncertainty, investors are willing to pay more for options protection, potentially benefiting covered call writers.	AMZN ACVA MGM GEO V ICE	View
2024 Q4	Feb 10, 2025	Meridian Hedged Equity Fund	0.1%	13.1%	ABNB, AMT, AMZN, BABA, COTY, DHI, DHR, GEO, LYV, MGM, QCOM, V, VST, YOU	downside protection, Hedged Equity, large cap, Options, Quality, risk management	Amazon demonstrates strong positioning in digital commerce and cloud computing with secular growth drivers. The company delivered strong third-quarter results exceeding expectations despite mixed macro signals. Multiple value creation drivers include retail margin expansion, continued cloud growth, and scaling of high-margin businesses.	VST AMZN V COTY DHR AMT	View
2024 Q4	Dec 31, 2024	Davis Global Fund	-	22.7%	005930.KS, 0700.HK, 2318.HK, 3690.HK, AMAT, AMZN, BRK-A, COF, CVS, ENT.L, GOOGL, HUM, META, MGM, NPN.L, PRX.AS, TCOM	AI, China, gaming, global, semiconductors, Stimulus, technology, value	Fund positioning for AI emergence through established market leaders with proven business models either using AI to improve platforms or key semiconductor players building AI ecosystem. Meta using AI for content suggestions and ad targeting. Tencent benefiting from AI-driven ranking improvements. Cloud providers Amazon and Alphabet seeing revenue acceleration from AI workloads.		View
2024 Q4	Dec 31, 2024	Davis New York Venture Fund	-	17.2%	005930.KS, AMAT, AMZN, BRK-B, CI, COF, DGX, GOOGL, HUM, META, MGM, OC, TECK.TO, TOU.TO, TSN, TXN, USB, VTRS, WFC	AI, Concentration, financials, healthcare, industrials, inflation, technology, value	Generative AI is likely one of the most transformational technological developments in modern history, creating new risks and driving major advances across industries. The market for AI products is still early with fierce competition, making it risky to project long-term winners based on recent performance. AI will likely prove disruptive to stable industries in ways difficult to anticipate.		View
2023 Q4	Dec 31, 2023	Davis Global Fund	0.0%	0.0%	005930.KS, 081660.KS, 1299.HK, 2318.HK, 2423.HK, 3690.HK, 9618.HK, AMAT, AMZN, BAER.SW, COF, D05.SI, GOLF, GOOGL, META, MGM, MSFT, NVDA, OC, VTRS	AI, China, financials, global, rates, technology, value	Generative AI represents a significant platform transition in computing history, potentially bigger than PC, mobile, or internet. The manager expects widespread economic and societal impact but acknowledges uncertainty about how breakthroughs will unfold. Focus is on companies positioned to benefit from AI infrastructure and applications rather than speculative direct plays.		View
2023 Q3	Dec 10, 2023	Longleaf Partners Fund	10.4%	10.3%	AMG, BIO, CNH, CNX, FDX, FFH, GE, HAS, IAC, LBRDK, MAT, MGM, WBD, WMG	Buybacks, Concentration, energy, Media, Quality, value	The fund emphasizes owning high-quality businesses trading at significant discounts to intrinsic value. Portfolio trades at 13x P/E on not yet optimized earnings with a price-to-value ratio in the low-60s%, offering meaningful upside potential. Fund avoids mega-cap stocks trading at historic valuation multiples.	0GEG LN NWBD.L IAC AMAT WMG CNX	View
2023 Q3	Dec 10, 2023	Longleaf Partners Global Fund	14.8%	18.4%	0001.HK, CFR.SW, CNX, DHER.DE, FBHS, FDX, FIS, GE, GLB, HAS, IAC, MAT, MGM, PRX.AS, WBD, WMG	Concentration, discount, global, Quality, value	The fund emphasizes trading at 12.5x P/E on not yet optimized earnings versus mega-cap stocks at 29x P/E. Portfolio has price-to-value ratio in low-60s% offering meaningful upside potential. Fund owns high-quality businesses at discounted valuations.	NWBD.L DHER.DE IAC AMAT CNX	View
2023 Q2	Dec 7, 2023	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	AAP, ALC, ANGI, AZO, DCO, DELL, GBLI, GLDD, IAC, LFCR, LTRPA, MGM, MPAA, ORLY, SCWX, SNEX, SSP, TRIP, VSAT	aerospace, Concentration, infrastructure, Media, small cap, technology, value	Manager views AI as a marketing term with unclear monetization prospects. Notes that market activity in 2023 has been driven by large tech stocks attaching themselves to the AI bandwagon, but emphasizes there is nothing remotely clear about making money in AI.		View
2025 Q3	Nov 8, 2025	FPA Queens Road Small Cap Value Fund	7.5%	13.8%	AAPL, ESGR, FN, IAC, IDCC, IMKTA, MGM, NNI, NVDA, OSK, REVG, RLI, SAIC, SFM, SNX, THS, VSH	Defensive, Disciplined, downside protection, Quality, small cap, value	The fund follows a disciplined four-pillar process focusing on quality companies with strong balance sheets, valuation discipline, strong management teams, and growing industries with stable competitive dynamics. Quality is defined by steady operating margins and high returns on capital, allowing companies to compound value over time.		View
2023 Q3	Nov 10, 2023	Patient Capital Management	5.6%	15.8%	AMZN, ANGI, C, ET, EXPE, GOOGL, IAC, META, MGM, OMF, UBS	banks, dividends, Expectations, Opportunities, Patience, value	Manager sees extreme valuation dispersion with lowest valued stocks trading below 10x earnings. Value Index P/Es are below long-term averages while Growth Index P/Es are above, creating opportunities in mature, low multiple companies with basement level expectations.	^GSPC	View
2024 Q3	Oct 7, 2024	Nightview Capital	0.0%	0.0%	AAPL, ABNB, AMZN, BLK, DKNG, GOOGL, GS, H, LVS, META, MGM, MS, NFLX, QCOM, SCHW, TSLA, TSM, WYNN	AI, Autonomy, Cloud, growth, technology, Tesla, Travel	Autonomous transportation represents one of humanity's most pivotal technological shifts, with self-driving vehicles being the first major real-world application of AI. Tesla's vision-based FSD system creates a self-reinforcing product development cycle through real-world data collection from its global fleet.	TSLA	View
2025 Q3	Oct 24, 2025	Meridian Hedged Equity Fund	1.6%	-	ABNB, CHTR, DHI, DHR, GEO, GFL, ICE, JNJ, KVUE, LBRDA, LNG, LYV, META, MGM, MTCH, ORCL, YOU	AI, healthcare, Hedged Equity, inflation, Options, technology, value	The AI narrative dominated equity performance with solid results from Oracle and massive infrastructure commitments from OpenAI and Meta fueling momentum. Markets demonstrated comfort with extended monetization horizons, valuing AI's disruptive capacity above traditional financial metrics. Valuations across AI-related technology appear elevated by historical standards.	JNJ DHI ICE KVUE LBRDK JNJ DHI ICE KVUE LBRDK	View
2024 Q3	Oct 16, 2024	Longleaf Partners Fund	10.4%	10.3%	AMG, BIO, CNX, FDX, FIS, IAC, K, LYV, MAT, MGM, PVH, PYPL	Buybacks, gaming, Logistics, Natural Gas, payments, value	Multiple portfolio companies are executing significant share repurchase programs. PayPal repurchased nearly 10% of its shares on an annualized basis, leading to stronger FCF per share growth. MGM continues to execute significant share buybacks, further boosting FCF per share. CNX Resources directs free cash flow to value accretive share repurchase.	FDX MGM PYPL CNX K	View
2024 Q3	Oct 16, 2024	Longleaf Partners Global Fund	14.8%	18.4%	0700.HK, AMG, CNX, DHER.DE, ERF.PA, EXO.MI, FDX, FIS, GLB.L, IAC, K, MGM, ODFL, PRX.AS, SAIA, TCOM, TIGO, UBER, WMG	Buybacks, E-Commerce, gaming, global, Logistics, Natural Gas, value	The fund focuses on companies with durable competitive advantages trading at historically high valuation gaps versus the index. The price-to-value ratio remains in the high-60s%, indicating substantial room for price appreciation. Management emphasizes building a unique portfolio in a time of high valuations for the largest companies globally.	MGM FDX PRX.AS ERF.PA CNX K DHER.DE	View
2025 Q3	Oct 15, 2025	Longleaf Partners Fund	-0.3%	-0.4%	ACI, ANGI, BIO, CNX, EXOR.MI, FDX, FIS, H, HFC, IAC, KHC, MAT, MGM, PCH, PVH, REGN, RYN	AI, Bubble, Buybacks, FCF, spinoffs, undervalued, value	Fund focuses on companies trading at significant discounts to intrinsic value with P/V ratio in low-60s%. Manager emphasizes buying undervalued assets with growing free cash flow per share while avoiding overvalued market segments.	BIO REGN PCH RYN ACI FDX MGM IAC KHC MAT CNX	View
2025 Q3	Oct 15, 2025	Longleaf Partners Global Fund	2.6%	10.9%	4613.T, ACI, CANAL.PA, CNX, DHER.DE, EXOR.MI, GLB.L, IAC, KHC, MAT, MGM, PCH, PHG, PVH, RYN	AI, Buybacks, consumer, energy, FCF, global, Timberland, value	Fund focuses on investments grounded in real assets and brands producing growing free cash flow, trading at less than 10x FCF today with potential to reach mid-teens FCF multiples. Portfolio P/V ratio in high-50s% indicates significant discount to intrinsic value estimates.	PVH 4613 JP	View
2023 Q3	Oct 10, 2023	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	AMSWA, ANGI, CCF, CNX, CVLT, DLHC, ECVT, HCCI, HNRG, IAC, LFCR, MGM, SSP, VMD, VSAT	Concentration, cybersecurity, energy, healthcare, Media, small caps, value	The fund focuses on concentrated investments in specific companies at specific values, seeking to capitalize on opportunities in small cap equities that are less affected by market fads. The manager emphasizes finding good businesses that grow with CEOs who understand value per share math.	AMSWA DLHC SSP IAC 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%	ABNB, AMZN, BABA, DHI, ICE, MGM, MSFT, PGNY, QCOM, SBH, V, VST, YOU	Beauty, Casinos, energy, Hedged Equity, Options, risk management, technology, Travel	Vistra Corp performed well due to tightening energy markets, strengthened pricing in forward-year energy contracts, and rising demand from data centers, electric vehicles, and manufacturing reshoring. These factors create a favorable pricing environment for Vistra's generation fleet, especially nuclear and gas assets.	AMZN MGM PGNY YOU SBH VST	View
2023 Q3	Sep 30, 2023	Baron Focused Growth Fund	11.7%	13.2%	ACGL, CHH, CSGP, DNUT, FDS, FIGS, GWRE, H, IRDM, MANU, MGM, MSCI, MTN, ONON, RRR, SPOT, TSLA, VAC	Concentration, consumer discretionary, financials, growth, long-term, technology	Portfolio companies continue to generate strong results despite macroeconomic concerns. Most businesses have yet to experience changes in customer demographics or spending levels and have been able to offset cost increases with higher prices without impacting demand.		View
2024 Q2	Jul 25, 2024	East72 Dynasty Trust	6.3%	0.0%	AAPL, AVOL.SW, BVB.DE, CCP.L, CZR, DKNG, ENT.L, FLTR.L, FWONK, GENI, JUVE, MANU, MGM, MSFT, PENN, SCHL, SRAD, TKO, TSLA, WLY	discount, Europe, Holding Companies, Media Rights, Sports Analytics, technology, Travel Retail, value	The fund maintains significant exposure to European holding companies, particularly the Bolloré galaxy of companies including Compagnie de L'Odet, Bolloré, Vivendi, and Lagardère. These companies trade at substantial discounts to NAV despite strong underlying assets like Universal Music Group and cash holdings.	CAT.AX MMB.PA VIV.PA BOL.PA CDI.PA	View
2024 Q2	Jul 25, 2024	Davis New York Venture Fund	0.0%	0.0%	005930.KS, 2318.HK, AMAT, AMZN, BAER.SW, BK, BRK-B, CI, COF, D05.SI, DANSKE.CO, DGX, GOOGL, IAC, JPM, META, MGM, OC, TECK, USB, VTRS, WFC	banks, healthcare, interest rates, Quality, technology, value	The fund emphasizes valuation discipline and seeks companies trading at attractive prices relative to fundamentals. Portfolio trades at only 12 times forward earnings, a 46% discount to S&P 500 despite strong earnings growth. The end of the free money era has created opportunities for value-conscious investors.		View
2024 Q2	Jul 23, 2024	Longleaf Partners Fund	10.4%	10.3%	AMG, BIO, CHTR, CNHI, CNX, FDX, FIS, IAC, K, MAT, MGM, OD, PVH, RTX	Buybacks, Concentration, free cash flow, Logistics, Margins, value	The fund emphasizes trading at low-60s% price-to-value ratio with significant margin of safety. Portfolio companies trade at approximately 10 times free cash flow on margins that can improve, while S&P 500 trades at over 20 times potentially peak free cash flow.	MAT CNHI BIO FDX	View
2024 Q2	Jul 23, 2024	Longleaf Partners Global Fund	14.8%	18.4%	AC.PA, AMG, BIO, CFR.SW, CNX, DHER.DE, ENT.L, ERF.PA, EXOR.MI, FDX, FIS, GLB.L, IAC, K, MAT, MGM, PRX.AS, TIGO, VIV.PA, WBD	Buybacks, Europe, free cash flow, global, Margins, technology, valuation, value	The fund trades at a low-60s% price-to-value ratio with holdings at roughly 10 times free cash flow on margins that can improve, while the FTSE Developed trades at 20 times potentially peak free cash flow. This positions investments for growth even in tougher economic times, especially on a relative basis. The valuation gap between the broader market and the portfolio is at a uniquely high level.	DHER.DE ERF.PA BIO FDX PRX.AS MILL.ST	View
2023 Q2	Jul 19, 2023	Longleaf Partners Fund	10.4%	10.3%	AMG, CNH, CNX, FBHS, FDX, FFH, FI, FIS, GE, H, HAS, IAC, K, LBRDK, LYV, MAT, MGM, PVH, WBD, WMG	concentrated, consumer discretionary, Media, Mega Cap, technology, value	Fund maintains concentrated portfolio of 18-22 best ideas trading at discount to intrinsic value. Portfolio ended quarter with compelling P/V ratio in mid-60s%, indicating significant future upside potential. Fund seeks businesses run by capable management teams whose stock prices are trading temporarily at discount.	NWBD.L IAC LLYVA	View
2023 Q2	Jul 19, 2023	Longleaf Partners Global Fund	14.8%	18.4%	AMG, CNX, ERF.PA, EXOR.MI, FDX, FI, FIS, GE, H, HAS, IAC, K, LYV, MGM, MLCO, PRX.AS, PVH, TIGO, WBD, WMG	Buybacks, concentrated, discount, global, Media, value	The fund holds significant positions in media companies including Warner Bros Discovery, Live Nation Entertainment, and IAC. Warner Bros Discovery remains dramatically undervalued despite near-term streaming uncertainty, while Live Nation benefited from strong concert demand acceleration in 2023.	NWBD.L TIGO IAC LLYVA	View
2024 Q2	Jul 17, 2024	Nightview Capital	0.0%	0.0%	AAPL, ABNB, AMZN, BLK, DKNG, GOOGL, GS, H, LVS, META, MGM, MS, NFLX, QCOM, SCHW, TSLA, TSM, WYNN	AI, Cloud, E-Commerce, gaming, growth, large cap, technology	Amazon's retail business shows significant operating leverage recovery after pandemic overexpansion. North American retail margins have exceeded 2019 levels and are projected to reach low double digits. The transition from brick-and-mortar to e-commerce continues with U.S. e-commerce at 15.4% of retail sales, providing years of growth runway.		View
2023 Q2	Jul 14, 2023	Patient Capital Management	5.6%	15.8%	ANGI, C, COST, DAL, EXPE, FTCH, GM, IAC, JPM, MAT, META, MGM, OMF, WAL	Behavioral Edge, capital returns, financials, large cap, Travel, value	Manager sees significant exposure to travel as mispriced with continued upside potential. Travel has been booming for the last year but valuations remained depressed until recently. Spending has yet to normalize to pre-pandemic levels and the category is expected to grow at twice the rate of overall consumer spend next year.	^GSPC WAL IAC	View
2024 Q2	Jun 30, 2024	Meridian Hedged Equity Fund	6.2%	0.0%	AMZN, BABA, DHI, DIS, LSXMK, LYV, MGM, MSFT, QCOM, RIVN, SBH, USB, V, VST, YOU	Covered Calls, Hedging, large cap, Quality, risk management, technology, value	Strong earnings from large-cap technology companies, particularly AI-related names, drove major index returns higher in the quarter. Vistra Corp was identified as a likely beneficiary of the projected growth of power-hungry data centers, spurred by the rise of generative AI. Amazon's cloud-computing revenue growth accelerated, driven by the ramp of generative AI workloads.	AMZN RIVN VST USB DIS LSXMK	View
2024 Q1	May 4, 2024	Davis New York Venture Fund	0.0%	0.0%	005930.KS, 2318.HK, AMAT, AMZN, BAER.SW, BK, BRK-B, CI, COF, D05.SI, DANSKE.CO, DGX, GOOGL, IAC, JPM, META, MGM, OC, TECK, USB, VTRS, WFC	banks, financials, healthcare, Quality, rates, technology, value	The fund emphasizes the end of the free money era that began in 2008-2009, with the Federal Reserve raising rates 11 consecutive times starting March 2022. This normalization creates headwinds for speculative growth companies but tailwinds for durable, attractively valued businesses with strong fundamentals. The managers view this as a return to normalcy where valuation discipline matters again.		View
2023 Q1	Apr 20, 2023	Longleaf Partners Fund	10.4%	10.3%	FDX, GE, LUMN, MGM, PVH, WBD	concentrated, consumer discretionary, financials, industrials, Media, value	Warner Bros Discovery was the top contributor as management executes integration plan with strong track record of growing free cash flow per share. Industry price rationality emerging across streaming world.	LUMN PVH FDX MGM 0GEG LN NWBD.L	View
2023 Q1	Apr 20, 2023	Longleaf Partners Global Fund	14.8%	18.4%	0001.HK, AC.PA, AMG, CNXC, FDX, FFH.TO, GE, GLB.L, GOOGL, H, IAC, LUMN, MAT, MGM, MLCO, PVH, WBD, WMG	concentrated, discount, global, industrials, Logistics, Media, value	Fund focuses on concentrated portfolio of 18-22 best ideas meeting Business, People, Price investment criteria. Manager invests with 3-5 year horizon taking advantage of short-term volatility to own high quality businesses trading at discount. P/V ratio in low-60s% indicates portfolio trading below intrinsic value.	LUMN MGM FDX TIGO 0GEG LN NWBD.L	View
2023 Q4	Jan 17, 2024	Longleaf Partners Fund	10.4%	10.3%	AMG, BIO, CNHI, CNX, FBHS, FDX, FFH, FIS, GE, H, IAC, K, LBRDK, LUMN, LYV, MAT, MGM, PVH, RTX, WBD	Buybacks, financials, Logistics, Quality, Travel, value	Fund focuses on Business, People, Price discipline, seeking hidden quality companies trading at discounts. Portfolio differs meaningfully from value indices, with ~50% not found in benchmark indices. Manager believes their differentiated approach positions them well versus Quality at Higher Price strategies and Value ETFs.	^HSI MGM FFH FDX PVH NWBD.L	View
2023 Q4	Jan 17, 2024	Longleaf Partners Global Fund	14.8%	18.4%	AMG, BIO, CNX, DHER.DE, ERF.PA, EXOR.MI, FBHS, FDX, FFH.TO, FIS, GE, K, LUMN, LYV, MAT, MGM, MLCO, PVH, TIGO, WBD	Banking, Buybacks, global, portfolio, Quality, returns, value	Manager emphasizes their differentiated approach to value investing, focusing on Business, People, Price rather than traditional value ETF strategies or quality at higher prices. They believe value is positioned for outperformance in the 2020s similar to previous decades when interest rates normalized.		View
2024 Q4	Jan 16, 2025	Longleaf Partners Fund	-1.3%	8.8%	ACI, AMG, BIO, CNX, DINO, EXO, FBIN, FDX, FFH, FIS, IAC, K, LBRDK, LYV, MAT, MGM, PYPL, RTX, WBD, WMG	Buybacks, energy, Media, Natural Gas, payments, technology, value	Fund operates with high-60s% price-to-value ratio and 10x price/earnings power multiple, dramatically different than the market. Manager emphasizes appraisal-driven research and fundamental analysis to identify undervalued opportunities.		View
2024 Q4	Jan 16, 2025	Longleaf Partners Global Fund	-6.7%	10.5%	0700.HK, 4613.T, AC.PA, ACI, AMG, BIO, CFR.SW, CMCSA, CNX, ENT.L, ERF.PA, EXO.MI, FBIN, FDX, FFH.TO, FIS, H, HFC, IAC, K, LYV, MGM, MLCO, PRX.AS, PVH, RKT.L, TCOM, TIGO, WBD, WMG	Buybacks, global, inflation, Media, Natural Gas, Spin-Offs, Trump, value	Fund trades at low-60s% price-to-value ratio with sub-10x price/earnings power multiple, dramatically different than the market. Manager emphasizes fundamental, appraisal-driven research and finding mispriced value outside of the US at the moment.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Longleaf Partners Fund	MGM Resorts International	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NYSE	entertainment, Gaming, hospitality, Las Vegas, Share Buybacks, Travel Recovery	View Pitch
Apr 27, 2026	Fund Letters	Longleaf Partners Fund	MGM Resorts	Consumer Discretionary	Casinos & Gaming	Bull	NYSE	BetMGM, Casinos, Gaming, Las Vegas, Macau, Online betting, Share Buybacks, Travel Recovery	View Pitch
Apr 27, 2026	Fund Letters	Longleaf Partners Global Fund	MGM Resorts	Consumer Discretionary	Casinos & Gaming	Bull	NYSE	Casinos, entertainment, Gaming, Las Vegas, Macau, Online-Gaming, Share Buybacks, Travel Recovery	View Pitch
Apr 13, 2026	Fund Letters	Meridian Hedged Equity Fund	MGM Resorts International	Consumer Discretionary	Casinos & Gaming	Bull	NYSE	BetMGM, digital platform, EBITDA Positive, Free Cash Flow, Gaming, hospitality, Las Vegas Strip, Online-Gaming, Share Buybacks	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners Fund	MGM Resorts	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NYSE	Bull, financial position, Gaming, hospitality, Recession Fears, share repurchases, Value Realization	View Pitch
Apr 13, 2026	Fund Letters	Meridian Hedged Equity Fund	MGM Resorts International	Consumer Discretionary	Casinos & Gaming	Bull	NYSE	Digital gaming, Free Cash Flow Growth, Integrated Resorts, Las Vegas, Macau, share repurchase, Sports betting	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners Fund	MGM Resorts	Consumer Discretionary	Casinos & Gaming	Bull	NYSE	asset sales, Casinos, Free Cash Flow, Gaming, hospitality, Las Vegas, Online-Gaming, Share Buybacks	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners Global Fund	MGM Resorts	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NYSE	asset sales, Digital gaming, entertainment, Free Cash Flow, Gaming, hospitality, Las Vegas, Share Buybacks	View Pitch
Apr 13, 2026	Fund Letters	Meridian Hedged Equity Fund	MGM Resorts International	Consumer Discretionary	Casinos & Gaming	Bull	NYSE	asset value, BetMGM, Casinos, entertainment, Formula One, Gaming, hospitality, Las Vegas, Macau, Online-Gaming, Real Estate	View Pitch
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.

MGM

MGM

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BSD Shareholders of MGM

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