What smart money is saying about Churchill Downs Incorporated
2 funds in our archive have pitched Churchill Downs Incorporated, most recently The London Company Small Cap Strategy in September 2026.
Churchill Downs Incorporated (CDI) is a leading U.S. entertainment enterprise focused on horse racing, online wagering, and general gaming activities. Its extensive operations are categorized into three main divisions: Live and Historical Racing, TwinSpires, and Gaming. As of December 31, 2021, CDI's portfolio included three pari-mutuel gaming venues in Kentucky, collectively featuring approximately 3,050 historical racing machines. The company also operates TwinSpires, a comprehensive digital platform offering betting on horse races, sports, and iGaming. Furthermore, CDI manages nine brick-and-mortar sportsbooks and runs casino gaming across eight states, housing around 11,000 slot machines and video lottery terminals, in addition to 200 table games. Beyond these core ventures, Churchill Downs Incorporated delivers streaming video of live horse races and replays, along with a wide array of racing and handicapping information. It also oversees the Bloodstock Research Information Services (BRIS) platform, a valuable source for horse racing statistical data. The company is additionally engaged in designing and deploying pari-mutuel wagering systems for racetracks, off-track betting facilities, and various other wagering enterprises. Established in 1875, Churchill Downs Incorporated is headquartered in Louisville, Kentucky.
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Position history
Between Q2 2025 and Q3 2026, 3 fund letters reported a position in Churchill Downs Incorporated, with 3 buys (opened or added).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 1 | 0 | 1 |
| Q4 2025 | 1 | 1 | 0 | 1 |
| Q2 2025 | 1 | 1 | 0 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 3 positions · 3 moves
- New positionThe London Company Small Cap StrategySeptember 2026
“Trades During the Quarter ● Exited: UniFirst Corporation (UNF) – Sold following the announced acquisition by Cintas (CTAS). The stock was trading near the deal price. In addition, because CTAS' market cap is well outside our small-cap investable universe, we chose to exit the position before closing rather than receive CTAS shares. ● Initiated: Churchill Downs Incorporated (CHDN) – CHDN is a business we know well from other portfolios.”
Churchill Downs Incorporated - New positionClearbridge Mid Cap StrategyDecember 2025
“New holding Churchill Downs, an owner and operator of gaming and racing assets, advanced as operating trends normalized following earlier weakness tied to the timing of the Kentucky Derby and softer consumer sentiment.”
Churchill Downs Incorporated - June 2025
“● Increased: Churchill Downs Incorporated (CHDN) - Added to the existing position reflecting confidence in the long- term growth story, recent insider purchases, and an attractive valuation (less than 12x EBITDA).”
Churchill Downs Incorporated
Fund coverage · 2 theses
- The London Company Small Cap StrategySeptember 2026
Churchill Downs Incorporated combines irreplaceable assets, durable cash generation, disciplined capital allocation, and an attractive valuation that could compound value over time.
Read the full thesis - The London Company Mid CapDecember 2025
Churchill Downs Inc. benefits from highly cash-generative assets, disciplined capital allocation, reinvestment opportunities, and share repurchases supporting long-term value.
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