MTN

MTN

MTN

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 7, 2025	RGA Investment Advisors	-	-	AWE LN, CRSP, FEVR LN, MTN, PTON, PYPL, ROKU, WDAY	asymmetry, balanceSheet, conviction, innovation, technology	The portfolio leans into high-conviction positions amid volatility, particularly in innovative growth businesses. Market dislocations from tariffs and macro shocks are viewed as opportunities rather than risks. Long-term value creation is driven by asymmetric setups and balance sheet strength.	MTN AWE PYPL FEVR ROKU WDAY PTON CRSP	View
2025 Q2	Aug 18, 2025	Baron Partners Fund	12.1%	-7.5%	ACGL, GLPI, IDXX, MTN, SCHW, SPOT, TSLA	Compounding, Concentration, growth, innovation, volatility	The letter emphasizes long-duration growth investing focused on a concentrated set of companies with large addressable markets and durable competitive advantages. Management highlights innovation-driven earnings compounding, particularly in technology-enabled platforms, while accepting volatility as the cost of superior long-term returns. Market pullbacks are viewed as opportunities to add to high-conviction positions.		View
2025 Q2	Jul 31, 2025	Baron Focused Growth Fund	12.7%	3.7%	ACGL, CHH, FDS, GWRE, IBKR, IDXX, MTN, SPOT, TSLA	Balance Sheets, Concentration, disruption, earnings acceleration, focused growth	The commentary emphasizes concentrated investments in disruptive and core growth businesses with strong balance sheets and accelerating earnings potential. Management highlights resilience through tariffs and macro uncertainty due to pricing power and reinvestment capacity. Valuation upside is expected to come from long-term earnings compounding.		View
2024 Q1	Apr 15, 2024	TimesSquare Capital Management U.S. Small/Mid Cap Growth Strategy	5.9%	5.9%	ASND, BMBL, EME, ESAB, FIVE, FND, FROG, GLBE, IAS, KRYS, MTN, NICE IT, ONTO, SMAR, SWAV, VC, WNS	-			View
2025 Q1	Mar 31, 2025	Baron Focused Growth Fund	-8.0%	-8.0%	ACGL, CSGP, DNUT, GWRE, H, IDXX, LVS, MTN, SPOT, TSLA	-			View
2025 Q1	Mar 31, 2025	Baron Growth Fund	-4.3%	-4.3%	ACGL, CSGP, CWAN, FDS, GWRE, KNSL, MSCI, MTN, PRI	-			View
2025 Q4	Feb 8, 2026	Baron Partners Fund	19.1%	24.9%	ACGL, BIRK, CHH, CSGP, FDS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, LLY, MSCI, MTN, RRR, SCHW, SPOT, TSLA	AI, Concentration, Disruptive Growth, Electric Vehicles, growth, mid cap, Space, technology	The fund holds X.AI Holdings Corp., formed through merger of X and xAI, which developed the Grok AI model. xAI rapidly deployed data centers with 100,000 GPUs and is pioneering a 1-gigawatt training facility. The company is positioned for enduring leadership in the competitive AI field. SpaceX is generating significant value through rapid expansion of Starlink broadband service and established itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown, representing a significant leap in space exploration capabilities. Tesla remains the fund's largest position by average weight and a top holding despite trimming 30.5% of the position. The fund maintains extreme confidence in Tesla's prospects and ability to become significantly more valuable, with average cost basis of only $14.22 per share. Guidewire Software completed multi-year cloud migration and secured landmark 10-year agreement with Liberty Mutual to migrate to cloud. The company is positioned to be critical software vendor for the $2.5 trillion global P&C insurance industry with cloud as the sole path forward. Spotify continues double-digit user growth despite price hikes, with high engagement and sticky subscription model. The company is structurally increasing gross margins through high-margin artist promotions marketplace, growing podcast contribution, and ongoing advertising investments while expanding into video and developing Super Premium tier.	RRR IDXX SCHW FDS IT GWRE SPOT CSGP H	View
2025 Q4	Feb 2, 2026	Warden Capital	0.0%	0.0%	ARE, MTN, PLD, PLTR, QURE	AI, Biotechnology, Commercial real estate, Defensive, Shorts, value	Manager believes AI capex is at unsustainable levels and won't generate economic returns unless true AGI emerges imminently. OpenAI's user growth appears to be stalling with weak Q4 traffic growth, while competitors like Gemini continue growing strongly. Model progress may be reaching diminishing returns as current state-of-the-art models are not universally better than previous versions. CRE markets show little major change from previous commentary. Apartments remain soft due to oversupply and weaker sunbelt demand, industrial has picked up slightly, office is weak outside NYC but improving in class A, retail continues doing well due to lack of new supply, and hospitality is softer than expected. Manager invested in uniQure, a biotech with potential groundbreaking gene therapy for Huntington's disease. Initial results showed disease progression slowing by 75% three years after treatment, but FDA rescinded agreement on external control group causing stock to crash. Manager believes therapy will ultimately get approved given strong efficacy data.	QURE PLTR ARE MTN	View
2025 Q4	Feb 10, 2026	FPA Source Capital	4.3%	18.4%	IFF, MSFT, MTN, SAF FP, TEL	Balance Sheet Strength, Capital Allocation, downside protection, free cash flow, Intrinsic Value	The letter emphasizes ownership of durable, cash-generative businesses trading at discounts to intrinsic value, with a focus on downside protection and long-term compounding. Management prioritizes strong balance sheets and disciplined capital allocation in a market characterized by elevated valuations and macro uncertainty. The strategy seeks asymmetric returns by concentrating capital in high-conviction opportunities while preserving liquidity for volatility-driven dislocations.	MSFT MTN IFF SAF FP TEL	View
2024 Q4	Dec 31, 2024	Oakmark Global Fund	-5.8%	2.5%	BAYN GR, BDX, COF, DSV CN, ELV, MTN	-			View
2024 Q4	Dec 31, 2024	Conestoga SMid Cap Composite	-0.7%	11.4%	AXON, BFAM, CGNX, DSGX, EXPO, HLMN, KAI, MTN, NCNO, NOVT, PCOR, QTWO, ROAD, TFX, WK	-			View
2024 Q4	Dec 31, 2024	Baron Growth Fund	6.0%	4.8%	ACGL, CHH, CSGP, FDS, IDXX, IT, MTN	-			View
2023 Q4	Dec 31, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	ALGN, ANSS, CGNX, CPRT, FTNT, IDXX, IT, MTN, ROL, VEEV, WST	-			View
2022 Q4	Dec 31, 2022	Baron Focused Growth Fund	11.7%	13.2%	ACGL, CSGP, DNUT, FDS, FIGS, GWRE, H, IRDM, MTN, PENN, SPOT, TSLA	-			View
2023 Q3	Oct 31, 2023	The London Company SMID Cap	9.2%	9.2%	BKI, BR, CHDN, CWST, LANC, LW, MTN, NEU, WAT, ZBRA	-			View
2025 Q3	Oct 28, 2025	Baron Focused Growth Fund	4.8%	8.6%	CHH, FDS, FIGS, IBKR, MTN, ONON, SHOP, SPOT, TSLA, VRSK	Artificial Intelligence, consumer discretionary, growth, innovation, technology	The fund outperformed over the long term despite a modest quarterly lag, with AI and technology remaining central growth drivers. Key contributors included Tesla, Shopify, and SpaceX, benefiting from automation, agentic commerce, and AI-driven compute demand. Management expects continued acceleration in earnings as AI adoption expands and consumer-facing brands leverage innovation to enhance pricing power and profitability.		View
2024 Q3	Oct 28, 2024	Parnassus Mid Cap Growth Fund	8.6%	13.3%	ADSK, ARNB, BILL, BIRK, GWRE, H, IBKR, IQV, JBHT, LPLA, MRNA, MTN, NET, NTR, ONON, RRR, SHOP, SPOT, TSLA	-			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
2024 Q3	Sep 30, 2024	Baron Focused Growth Fund	11.7%	13.2%	ARNB, BIRK, GWRE, H, IBKR, MRNA, MTN, ONON, RRR, SHOP, SPOT, TSLA	-			View
2024 Q3	Sep 30, 2024	Baron Partners Fund	13.9%	4.5%	ARCH, BIRK, GWRE, MTN, SCHW, TSLA	-			View
2023 Q3	Sep 30, 2023	Baron Growth Fund	11.1%	7.4%	ARCH, CSGP, DNUT, FDS, IRDM, MSCI, MTN	-			View
2024 Q2	Sep 16, 2024	RGA Investment Advisors	0.0%	0.0%	0NIQ LN, MTN, PLAY	-			View
2024 Q2	Jul 27, 2024	Baron Partners Fund	13.9%	4.5%	ARCH, CSGP, IDXX, MTN, TSLA	-			View
2022 Q1	Mar 31, 2022	Baron Focused Growth Fund	11.7%	13.2%	ACGL, CSGP, GWRE, H, IRDM, MTN, SPOT, TSLA, VLD, WRBY	-			View
2022 Q1	Mar 31, 2022	Baron Partners Fund	13.9%	4.5%	ACGL, CSGP, IDXX, IRDM, MTN, SCHW, SHOP, SPOT, TSLA	-			View
2023 Q4	Feb 20, 2024	Baron Growth Fund	11.1%	7.4%	ACGL, CHH, IRDM, KNSL, MTN, NEOG	-			View
2024 Q4	Jan 29, 2025	Baron Asset Fund	-0.1%	10.5%	ACGL, APP, DAY, IDXX, IT, MTD, MTN, TTAN	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	Mark Landecker	Vail Resorts, Inc.	Consumer Discretionary	Leisure Facilities	Bull	New York Stock Exchange	Cyclical, inflation, Labor, leverage, Margins, seasonality, valuation, Visitation, Weather	View Pitch
Feb 4, 2026	Fund Letters	Hawkins Entrekin	Vail Resorts, Inc.	Consumer Discretionary	Hotels, Resorts & Cruise Lines	Bull	New York Stock Exchange	assets, Ski, Tourism, valuation, Weather	View Pitch
Jan 8, 2026	Fund Letters	Jason Gilbert	Vail Resorts Inc.	Consumer Discretionary	Hotels, Restaurants & Leisure	Bear	New York Stock Exchange	Brand, Leisure, Pricing, Travel, turnaround	View Pitch
Sep 30, 2025	Seeking Alpha	Seeking Alpha	Vail Resorts, Inc.		Resorts & Casinos	Bull		dividend yield, Epic Pass, Free Cash Flow, income-oriented investors, lift ticket sales, long-term growth, marketing strategy, Rob Katz, Vail Resorts, visitor growth	View Pitch
Aug 13, 2025	Seeking Alpha	Penguin Value Investing	Vail Resorts	Consumer Discretionary	Resorts & Casinos	Neutral	NYSE	—	View Pitch
Aug 7, 2025	Seeking Alpha	Howard Jay Klein	Vail Resorts	Consumer Discretionary	Resorts & Casinos	Bear	NYSE	—	View Pitch

BSD Shareholders of MTN

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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