Churchill Downs
CHDN
464 hedge funds and large institutions have $6.28B invested in Churchill Downs in 2025 Q4 according to their latest regulatory filings, with 95 funds opening new positions, 113 increasing their positions, 189 reducing their positions, and 54 closing their positions.
609% more call options, than puts
Call options by funds: $34.9M | Put options by funds: $4.93M
175% more funds holding in top 10
Funds holding in top 10: 4 → 11 (+7)
76% more first-time investments, than exits
New positions opened: 95 | Existing positions closed: 54
21% more capital invested
Capital invested by funds: $5.2B → $6.28B (+$1.07B)
7% more funds holding
Funds holding: 434 → 464 (+30)
2.65% more ownership
Funds ownership: 76.45% → 79.1% (+2.7%)
40% less repeat investments, than reductions
Existing positions increased: 113 | Existing positions reduced: 189
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Citadel Advisors
Miami,
Florida
|
+$88.8M |
| 2 |
Balyasny Asset Management
Chicago,
Illinois
|
+$51.3M |
| 3 |
VNIM
Vaughan Nelson Investment Management
Houston,
Texas
|
+$39.6M |
| 4 |
ClearBridge Investments
New York
|
+$37.6M |
| 5 |
Thrivent Financial for Lutherans
Minneapolis,
Minnesota
|
+$33.8M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
D.E. Shaw & Co
New York
|
-$35.3M |
| 2 |
Vanguard Group
Malvern,
Pennsylvania
|
-$33.5M |
| 3 |
AQR Capital Management
Greenwich,
Connecticut
|
-$33.3M |
| 4 |
Fidelity Investments
Boston,
Massachusetts
|
-$27.7M |
| 5 |
LCOV
London Company of Virginia
Richmond,
Virginia
|
-$23.8M |
CHDN Hedge Fund Activity: Q4 2025 in Review
464 of the 8,267 institutional investors tracked by Wall St. Rank reported a position in Churchill Downs (CHDN) for Q4 2025, worth a combined $6.28B — up 21% from $5.2B a quarter earlier.
Buyers outnumbered sellers: 95 funds opened new CHDN positions and 54 closed out — a net gain of 41 holders — while 113 added to existing stakes and 189 trimmed.
The largest buyer was Citadel Advisors, adding an estimated $88.8M. The largest seller was D.E. Shaw & Co, cutting an estimated $35.3M.
- 464 institutional investors held Churchill Downs (CHDN) as of Q4 2025, up from 434 in Q3 2025.
- Funds reported $6.28B of Churchill Downs stock for Q4 2025, up 21% quarter-over-quarter.
- 95 funds opened new Churchill Downs positions in Q4 2025 and 54 closed out, a net change of +41 holders.
- The largest Churchill Downs buyer in Q4 2025 was Citadel Advisors, an estimated $88.8M added.
- The largest Churchill Downs seller in Q4 2025 was D.E. Shaw & Co, an estimated $35.3M sold.
Based on aggregated 13F filings for Q4 2025.