Churchill Downs
CHDN
434 hedge funds and large institutions have $5.2B invested in Churchill Downs in 2025 Q3 according to their latest regulatory filings, with 59 funds opening new positions, 129 increasing their positions, 183 reducing their positions, and 47 closing their positions.
26% more first-time investments, than exits
New positions opened: 59 | Existing positions closed: 47
2% more funds holding
Funds holding: 425 → 434 (+9)
0.44% more ownership
Funds ownership: 76% → 76.45% (+0.44%)
0% more funds holding in top 10
Funds holding in top 10: 4 → 4 (0)
6% less capital invested
Capital invested by funds: $5.55B → $5.2B (-$344M)
30% less repeat investments, than reductions
Existing positions increased: 129 | Existing positions reduced: 183
86% less call options, than puts
Call options by funds: $8.05M | Put options by funds: $59.4M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Jennison Associates
New York
|
+$51.5M |
| 2 |
ACM
Alua Capital Management
New York
|
+$51.5M |
| 3 |
Arrowstreet Capital
Boston,
Massachusetts
|
+$46.6M |
| 4 |
Capital International Investors
Los Angeles,
California
|
+$44.7M |
| 5 |
Balyasny Asset Management
Chicago,
Illinois
|
+$41.5M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Fidelity Investments
Boston,
Massachusetts
|
-$56M |
| 2 |
BlackRock
New York
|
-$41.4M |
| 3 |
Citadel Advisors
Miami,
Florida
|
-$32.8M |
| 4 |
Vanguard Group
Malvern,
Pennsylvania
|
-$29.8M |
| 5 |
Millennium Management
New York
|
-$26.4M |
CHDN Hedge Fund Activity: Q3 2025 in Review
434 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Churchill Downs (CHDN) for Q3 2025, worth a combined $5.2B — down 6.2% from $5.55B a quarter earlier.
Buyers outnumbered sellers: 59 funds opened new CHDN positions and 47 closed out — a net gain of 12 holders — while 129 added to existing stakes and 183 trimmed.
The largest buyer was Jennison Associates, adding an estimated $51.5M. The largest seller was Fidelity Investments, cutting an estimated $56M.
- 434 institutional investors held Churchill Downs (CHDN) as of Q3 2025, up from 425 in Q2 2025.
- Funds reported $5.2B of Churchill Downs stock for Q3 2025, down 6.2% quarter-over-quarter.
- 59 funds opened new Churchill Downs positions in Q3 2025 and 47 closed out, a net change of +12 holders.
- The largest Churchill Downs buyer in Q3 2025 was Jennison Associates, an estimated $51.5M added.
- The largest Churchill Downs seller in Q3 2025 was Fidelity Investments, an estimated $56M sold.
Based on aggregated 13F filings for Q3 2025.