What smart money is saying about Vail Resorts, Inc.
2 funds in our archive have pitched Vail Resorts, Inc., most recently Warden Capital in December 2025.
Vail Resorts, Inc., through its subsidiaries, operates mountain resorts and urban ski areas in the United States. It operates through three segments: Mountain, Lodging, and Real Estate. The Mountain segment operates 37 destination mountain resorts and regional ski areas. This segment is also involved in the ancillary activities, including ski school, dining, and retail/rental operations, as well as real estate brokerage activities. The Lodging segment owns and/or manages various luxury hotels and condominiums, and other lodging properties under the RockResorts brand; various condominiums located in proximity to the company's mountain resorts; destination resorts; and golf courses, as well as offers resort ground transportation services. This segment operates owned and managed hotel and condominium units. The Real Estate segment owns, develops, and sells real estate properties. The company was incorporated in 1997 and is based in Broomfield, Colorado.
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Position history
Between Q2 2025 and Q3 2026, 11 fund letters reported a position in Vail Resorts, Inc., with 2 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 2 | 0 | 0 | 0 |
| Q2 2026 | 7 | 0 | 1 | 0 |
| Q1 2026 | 1 | 0 | 0 | 0 |
| Q4 2025 | 0 | 0 | 0 | 1 |
| Q2 2025 | 1 | 0 | 1 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 11 positions · 2 moves
- September 2026
“Non-REIT Real Estate Companies (10.6%) • While the Fund emphasizes REITs, we retain flexibility to invest in non-REIT real estate companies, which we typically limit to approximately 25% of net assets. At times these investments may offer more attractive growth, income, valuation, and share price appreciation potential relative to traditional REITs. • Current non-REIT holdings include AAON, Inc., Marriott Vacations Worldwide Corporation, Meritage Homes Corporation, Hyatt Hotels Corporation, Vail Resorts, Inc., Red Rock Resorts, Inc., and Brookfield Infrastructure Corporation.”
Vail Resorts, Inc. - September 2026
“Vail Resorts, Inc. 2.6 2013 216.0 Red Rock Resorts, Inc. 2.6 2017 197.5 Choice Hotels International, Inc. 2.5 2010 423.2 Las Vegas Sands Corporation 0.9 2023 (11.8) Companies that own what we believe are Real/Irreplaceable Assets represent 15.6% of net assets. Vail Resorts, Inc. , owner of the premier ski resort portfolio in the world, upscale lodging brand Hyatt Hotels Corporation , and Red Rock Resorts, Inc. , the largest casino operator in the Las Vegas locals casino gaming market, are examples of companies we believe possess meaningful brand equity and barriers to entry that equate to pricing power over time.”
Vail Resorts, Inc. - June 2026
Listed in Baron Real Estate Income Fund’s reported holdings.
Vail Resorts, Inc. - June 2026
Listed in Baron First Principles ETF’s reported holdings.
Vail Resorts, Inc. - June 2026
“Non-REIT Real Estate Companies (15.8%) While the Strategy emphasizes REITs, we retain flexibility to invest in non-REIT real estate companies, which we typically limit to approximately 25% of net assets. At times these investments may offer more attractive growth, income, valuation, and share price appreciation potential relative to traditional REITs. Current non-REIT holdings include Meritage Homes Corporation , Brookfield Infrastructure Corporation , Marriott Vacations Worldwide Corporation , Fortune Brands Innovations, Inc. , CRH public limited company , Vail Resorts, Inc. , The Home Depot, Inc. , GDS Holdings Limited , and Wyndham Hotels & Resorts, Inc.”
Vail Resorts, Inc. - June 2026
“Companies that own what we believe are Real/Irreplaceable Assets represent 19.5% of net assets. Vail Resorts, Inc. , owner of the premier ski resort portfolio in the world, upscale lodging brand Hyatt Hotels Corporation , and Red Rock Resorts, Inc. , the largest casino operator in the Las Vegas Locals casino gaming market, are examples of companies we believe possess meaningful brand equity and barriers to entry that equate to pricing power over time.”
Vail Resorts, Inc. - HoldsBaron Partners FundJune 2026
Listed in Baron Partners Fund’s reported holdings.
Vail Resorts, Inc. - HoldsBaron Partners FundJune 2026
Listed in Baron Partners Fund’s reported holdings.
Vail Resorts, Inc. - HoldsBaron CapitalJune 2026
Listed in Baron Capital’s reported holdings.
Vail Resorts, Inc. - HoldsBaron Growth FundMarch 2026
Listed in Baron Growth Fund’s reported holdings.
Vail Resorts, Inc. - June 2025
“We eliminated Vail Resorts, Inc. (MTN, 3.0 conviction) during the quarter, as we lost confidence in the management team and the enduring qualities of the business. We eliminated Millrose Properties Inc. (Cl A) (MRP) during the quarter.”
Vail Resorts, Inc.
Fund coverage · 2 theses
- Warden CapitalDecember 2025
Vail Resorts, Inc. owns irreplaceable ski assets with limited new competition, trades cheaply versus replacement cost, and has manageable snowfall risk smoothed by Epic Pass revenues.
Read the full thesis - Baron Focused Growth FundJune 2025
Vail is well-positioned for long-term growth with strong financial visibility, effective operational planning, and a focus on enhancing guest experience, supported by a strategic cost-cutting plan and a solid balance sheet.
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