Churchill Downs

CHDN • NASDAQ

Churchill Downs is a gambling, resorts & casinos company in the consumer cyclical sector on NASDAQ, led by Marcia A. Dall, with a market cap of $8.1B. As of Q3 2025, 76% of shares are held by 425 institutional investors, with BlackRock, Inc. as the largest holder at 9.09%.

Acting CEOMarcia A. Dall

Market Cap$8.1B

Gambling, Resorts & Casinos

Consumer Cyclical

Employees8.0K

Websitechurchilldownsincorporated.com

Country

United States of America

Overview

Overview of institutional ownership in CHDN as of Q3 2025 with a market cap of $6.8B

All Institutions

Institutions: 425
Value Held: $5.2B
Shares Held: 53.5M
Avg Position: $12.2M
Median Position: $780.3K

Hedge Funds

Hedge Funds: 58
Value Held: $796.8M
Shares Held: 8.2M
Avg Position: $13.7M
Median Position: $3.2M

Ownership Breakdown

Institutional (non-HF)

64.63%

$4.4B

Hedge Funds

11.71%

$796.8M

Retail & Other

23.65%

$1.6B

Based on market cap of $6.8B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in CHDN as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$618.7M 0.01% of portfolio	9.09% 6.4M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$617.0M 0.01% of portfolio	9.07% 6.4M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
C Capital International Investors Institution	-	$300.6M 0.05% of portfolio	4.42% 3.1M shares	Q3 2023 Held for 2y 2m	$615.90B
LONDON CO OF VIRGINIA Digital Asset Manager	Jasleen Kaur Bains CCO	$276.5M 1.50% of portfolio	4.06% 2.9M shares	Q4 2018 Held for 6y 11m	$18.4B
FMR LLC Institution	-	$192.7M 0.01% of portfolio	2.83% 2.0M shares	Q3 2016 Held for 9y 2m	$1.92T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$188.7M 0.01% of portfolio	2.77% 1.9M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
JENNISON ASSOCIATES LLC Long Only Manager	Jeffrey Todd Becker CEO	$141.4M 0.08% of portfolio	2.08% 1.5M shares	Q3 2022 Held for 3y 2m	$171.73B
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	Anthony Ryan CEO	$133.5M 0.08% of portfolio	1.96% 1.4M shares	Q1 2024 Held for 1y 8m	$158.92B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$125.7M 0.01% of portfolio	1.85% 1.3M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
Robeco Investment Management, Inc. Long Only Manager	Joseph Francis Feeney CEO	$122.0M 0.12% of portfolio	1.79% 1.3M shares	Q3 2023 Held for 2y 2m	$97.8B

Net Capital Flow

Institutional buying and selling activity for CHDN in Q3 2025

Traded: −$85.5M
Buyers: 186
Sellers: 225
Total Bought: +$421.6M
Total Sold: −$507.1M
Avg Position: $11.0M

Biggest Buyers

Institution	Net Bought	Current Position
JENNISON ASSOCIATES LLC Long Only Manager	+$48.5M +500.4K shares	$141.4M 1.5M shares
A Alua Capital Management LP Hedge Fund•Long/Short	+$48.5M +500.3K shares	$48.5M 500.3K shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	+$43.9M +452.7K shares	$133.5M 1.4M shares
C Capital International Investors Institution	+$42.2M +434.7K shares	$300.6M 3.1M shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$39.1M +403.2K shares	$51.0M 525.8K shares
Gotham Asset Management, LLC Hedge Fund•Long/Short	+$22.3M +230.3K shares	$39.8M 410.4K shares
B Bayberry Capital Partners LP Hedge Fund•Long/Short	+$14.7M +151.6K shares	$25.6M 264.0K shares
Hudson Way Capital Management LLC Hedge Fund•Long/Short	+$13.8M +142.7K shares	$110.6M 1.1M shares
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC Long Only Manager	+$8.3M +85.9K shares	$98.7M 1.0M shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$7.5M +77.6K shares	$7.5M 77.6K shares

Biggest Sellers

Institution	Net Sold	Current Position
FMR LLC Institution	−$52.8M −544.2K shares	$192.7M 2.0M shares
B BlackRock, Inc. Institution	−$39.0M −402.3K shares	$618.7M 6.4M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$30.9M −318.8K shares	$8.3M 85.9K shares
VANGUARD GROUP INC Institution	−$28.1M −289.4K shares	$617.0M 6.4M shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$24.9M −256.7K shares	$16.7M 172.0K shares
Baird Financial Group, Inc. Private Equity	−$17.0M −174.8K shares	$37.9M 391.0K shares
GOLDMAN SACHS GROUP INC Institution	−$16.9M −173.9K shares	$31.9M 329.1K shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$15.6M −161.2K shares	$60.8M 626.8K shares
AMERIPRISE FINANCIAL INC Institution	−$14.1M −145.8K shares	$62.8M 647.4K shares
MORGAN STANLEY RIA/Wealth	−$14.1M −145.5K shares	$53.6M 552.4K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited CHDN in Q3 2025

New Positions: 27
New Value: $56.7M
Exited Positions: 46
Exited Value: $52.6M

New Positions

Institution	Position Value
A Alua Capital Management LP Hedge Fund•Long/Short	$48.5M 500.3K shares
F Fieldview Capital Management, LLC Hedge Fund•Long/Short	$3.9M 39.9K shares
Weiss Asset Management LP Hedge Fund•Multi-Strategy	$1.2M 12.5K shares
N Neo Ivy Capital Management Hedge Fund•Quant	$802.9K 8.3K shares
Columbia Asset Management RIA/Wealth	$511.2K 5.3K shares
Gallacher Capital Management LLC RIA/Wealth	$419.3K 4.3K shares
Requisite Capital Management, LLC RIA/Wealth	$408.7K 4.2K shares
Counterpoint Mutual Funds LLC ETF Provider	$297.7K 3.1K shares
SILVER OAK SECURITIES, Inc RIA/Wealth	$230.4K 2.4K shares
Point72 Europe LLP Digital Asset Manager	$225.6K 2.3K shares

Exited Positions

Institution	Previous Position
VOLORIDGE INVESTMENT MANAGEMENT, LLC Hedge Fund•Multi-Strategy	$9.6M 95.1K shares
S Squarepoint Ops LLC Hedge Fund•Quant	$7.8M 77.3K shares
SCALAR GAUGE MANAGEMENT, LLC Hedge Fund•Long/Short	$4.7M 47.0K shares
C CANADA PENSION PLAN INVESTMENT BOARD Institution	$3.9M 39.1K shares
T TEXAS PERMANENT SCHOOL FUND Institution	$3.5M 34.3K shares
ARGENT CAPITAL MANAGEMENT LLC Long Only Manager	$2.2M 21.3K shares
Centiva Capital, LP Hedge Fund•Multi-Strategy	$1.8M 18.1K shares
X XTX Topco Ltd Institution	$1.8M 17.8K shares
BANK OF NOVA SCOTIA / Institution	$1.4M 13.7K shares
Empowered Funds, LLC ETF Provider	$1.3M 13.1K shares

Options Activity

Institutions with the largest Call and Put options positions in CHDN as of Q3 2025

Call Positions: 8
Call Value: $7.3M
Put Positions: 10
Put Value: $38.4M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$4.2M 432.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.1M 213.0 contracts
J JANE STREET GROUP, LLC Institution	$640.3K 66.0 contracts
W WOLVERINE TRADING, LLC Institution	$265.4K 27.0 contracts
Walleye Trading LLC RIA/Wealth	$135.8K 14.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	- - contracts
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	- - contracts
S Squarepoint Ops LLC Hedge Fund•Quant	- - contracts

Put Positions

Institution	Position Value
WOLVERINE ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$10.6M 1.1K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$8.8M 903.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$8.3M 855.0 contracts
J JANE STREET GROUP, LLC Institution	$5.4M 557.0 contracts
W WOLVERINE TRADING, LLC Institution	$5.2M 525.0 contracts
Walleye Trading LLC RIA/Wealth	$135.8K 14.0 contracts
BARCLAYS PLC Institution	- - contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	- - contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	- - contracts
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	- - contracts

Most Committed Institutions

Institutions with CHDN as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Hudson Way Capital Management LLC Hedge Fund•Long/Short	Carrie Elizabeth Bass CFO	8.67% $110.6M	1.63% 1.1M shares	Q3 2018 Held for 7y 2m	$1.3B
B Bayberry Capital Partners LP Hedge Fund•Long/Short	Brian Cromwell Smith CFO	8.29% $25.6M	0.38% 264.0K shares	Q2 2025 Held for 5 months	$309.0M
N Nitorum Capital, L.P. Hedge Fund•Long/Short	Seth Damon Rosen Managing Partner	7.97% $45.4M	0.67% 467.8K shares	Q2 2019 Held for 6y 5m	$569.3M
O Orvieto Partners, L.P. Hedge Fund•Value	Timothy Garrett Caffrey Partner	5.34% $6.3M	0.09% 65.0K shares	Q4 2024 Held for 11 months	$118.0M
A Alua Capital Management LP Hedge Fund•Long/Short	Thomas William Purcell Founder	3.35% $48.5M	0.71% 500.3K shares	Q3 2025 Held for 2 months	$1.4B
S Shellback Capital, LP Hedge Fund•Long/Short	Donald Dean Jabro Managing Partner	1.54% $24.3M	0.36% 250.0K shares	Q1 2019 Held for 6y 8m	$1.6B
LONDON CO OF VIRGINIA Digital Asset Manager	Jasleen Kaur Bains CCO	1.50% $276.5M	4.06% 2.9M shares	Q4 2018 Held for 6y 11m	$18.4B
A Arrowpoint Asset Management, LLC Hedge Fund•Multi-Strategy	David John Corkins Managing Partner	1.47% $79.1M	1.16% 815.3K shares	Q1 2022 Held for 3y 8m	$5.4B
Aurora Investment Counsel RIA/Wealth	David John Yucius President	1.27% $2.4M	0.04% 24.7K shares	Q1 2025 Held for 8 months	$188.5M
Atlanta Consulting Group Advisors, LLC RIA/Wealth	Matthew Christian Bauder Managing Partner	1.13% $4.6M	0.07% 47.4K shares	Q1 2024 Held for 1y 8m	$407.8M

Hedge Fund Spotlight

Discover hedge funds investing in CHDN

CAPITAL FUND MANAGEMENT S.A.

Hedge Fund • Quant Macro

Portfolio ManagerJacques Charles Sauliere

Portfolio Value: $10.0B
Positions: 792
Last Reported: Q3 2025

Sector Allocation

Position in Churchill Downs

Market Value: $8.0M
Shares Held: 82.4K
Portfolio Weight: 0.08%
Owned Since: 2025-Q1

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