Travel + Leisure

TNL • NYSE

Travel + Leisure is a travel services company in the consumer cyclical sector on NYSE, led by Michael D. Brown, with a market cap of $4.6B. As of Q3 2025, 90% of shares are held by 419 institutional investors, with VANGUARD GROUP INC as the largest holder at 15.3%.

President and CEO of Travel + Leisure Co.Michael D. Brown

Market Cap$4.6B

Travel Services

Consumer Cyclical

Employees19.0K

Websitetravelandleisureco.com

Country

United States of America

Overview

Overview of institutional ownership in TNL as of Q3 2025 with a market cap of $3.9B

All Institutions

Institutions: 419
Value Held: $3.5B
Shares Held: 58.5M
Avg Position: $8.3M
Median Position: $592.2K

Hedge Funds

Hedge Funds: 41
Value Held: $584.7M
Shares Held: 9.8M
Avg Position: $14.3M
Median Position: $2.4M

Ownership Breakdown

Institutional (non-HF)

75.09%

$2.9B

Hedge Funds

15.12%

$584.7M

Retail & Other

9.79%

$378.6M

Based on market cap of $3.9B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in TNL as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$591.6M 0.01% of portfolio	15.30% 9.9M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
B BlackRock, Inc. Institution	-	$369.9M 0.01% of portfolio	9.56% 6.2M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$207.4M 0.03% of portfolio	5.36% 3.5M shares	≤ Q2 2013 Held for 12y 5m+	$633.08B
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	David Gary Kabiller Founder	$140.0M 0.09% of portfolio	3.62% 2.4M shares	≤ Q2 2013 Held for 12y 5m+	$156.17B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$127.1M 0.00% of portfolio	3.29% 2.1M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
GMT CAPITAL CORP Hedge Fund•Long/Short	Thomas Eugene Claugus President	$103.1M 4.67% of portfolio	2.67% 1.7M shares	Q2 2022 Held for 3y 5m	$2.2B
L LSV ASSET MANAGEMENT Long Only Manager	Josef Nmn Lakonishok CEO	$94.9M 0.21% of portfolio	2.45% 1.6M shares	Q1 2016 Held for 9y 8m	$45.1B
N Nuveen, LLC Institution	-	$80.6M 0.02% of portfolio	2.08% 1.4M shares	Q1 2025 Held for 8 months	$377.89B
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$77.1M 0.02% of portfolio	1.99% 1.3M shares	≤ Q2 2013 Held for 12y 5m+	$466.32B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$71.3M 0.00% of portfolio	1.84% 1.2M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T

Net Capital Flow

Institutional buying and selling activity for TNL in Q3 2025

Traded: +$36.6M
Buyers: 202
Sellers: 184
Total Bought: +$341.5M
Total Sold: −$304.9M
Avg Position: $7.5M

Biggest Buyers

Institution	Net Bought	Current Position
BB&T CORP Institution	+$39.0M +654.9K shares	$39.0M 654.9K shares
DRIEHAUS CAPITAL MANAGEMENT LLC Hedge Fund•Event Driven	+$33.1M +556.9K shares	$33.1M 556.9K shares
JUPITER ASSET MANAGEMENT LTD Long Only Manager	+$30.8M +517.1K shares	$31.0M 521.0K shares
N Nuveen, LLC Institution	+$29.7M +498.7K shares	$80.6M 1.4M shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	+$28.7M +482.7K shares	$41.1M 691.6K shares
Quantinno Capital Management LP Hedge Fund•Market Neutral	+$18.8M +316.3K shares	$47.9M 804.6K shares
Invesco Ltd. ETF Provider	+$16.1M +270.5K shares	$207.4M 3.5M shares
Gotham Asset Management, LLC Hedge Fund•Long/Short	+$13.9M +232.8K shares	$15.7M 264.0K shares
PRUDENTIAL FINANCIAL INC Institution	+$13.8M +232.0K shares	$15.9M 267.9K shares
Compass Wealth Management LLC RIA/Wealth	+$8.0M +28.7K shares	$8.0M 28.7K shares

Biggest Sellers

Institution	Net Sold	Current Position
GMT CAPITAL CORP Hedge Fund•Long/Short	−$42.3M −710.9K shares	$103.1M 1.7M shares
VANGUARD GROUP INC Institution	−$20.1M −337.9K shares	$591.6M 9.9M shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$19.5M −328.5K shares	$140.0M 2.4M shares
LANDMARK INVESTMENT PARTNERS, L.P. Hedge Fund•Long/Short	−$15.2M −294.9K shares	Sold Off 0 shares
GOLDMAN SACHS GROUP INC Institution	−$13.4M −224.4K shares	$15.1M 253.0K shares
Copeland Capital Management, LLC Long Only Manager	−$13.3M −224.3K shares	$69.9M 1.2M shares
B BlackRock, Inc. Institution	−$11.6M −194.4K shares	$369.9M 6.2M shares
GREAT LAKES ADVISORS, LLC Long Only Manager	−$11.5M −194.0K shares	$4.4M 73.5K shares
UBS Group AG Institution	−$9.6M −161.5K shares	$13.7M 230.8K shares
A AXA Institution	−$9.1M −176.2K shares	Sold Off 0 shares

Entry and Exit Activity

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

New Positions: 25
New Value: $9.1M
Exited Positions: 43
Exited Value: $48.9M

New Positions

Institution	Position Value
R Ruffer LLP Long Only Manager	$3.8M 63.6K shares
Severin Investments, LLC RIA/Wealth	$941.8K 15.8K shares
F Fusion Capital, LLC RIA/Wealth	$551.4K 8.8K shares
Catalytic Wealth RIA, LLC RIA/Wealth	$479.7K 8.1K shares
R RBF Capital, LLC Institution	$356.9K 6.0K shares
C Camden Capital, LLC RIA/Wealth	$324.2K 5.4K shares
T TCG Advisory Services, LLC RIA/Wealth	$308.7K 5.2K shares
F Freestone Grove Partners LP Hedge Fund•Multi-Strategy	$267.8K 4.5K shares
Longboard Asset Management, LP Long Only Manager	$250.6K 4.2K shares
AlTi Global, Inc. Institution	$249.2K 4.2K shares

Exited Positions

Institution	Previous Position
LANDMARK INVESTMENT PARTNERS, L.P. Hedge Fund•Long/Short	$15.2M 294.9K shares
A AXA Institution	$9.1M 176.2K shares
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$3.1M 60.5K shares
D D. E. Shaw & Co., Inc. Institution	$3.0M 57.3K shares
A Allianz Asset Management AG Institution	$2.7M 52.4K shares
Symphony Financial, Ltd. Co. RIA/Wealth	$2.7M 51.5K shares
BANK OF NOVA SCOTIA / Institution	$2.5M 48.2K shares
O Oak Thistle LLC Institution	$1.8M 35.4K shares
T TEXAS PERMANENT SCHOOL FUND Institution	$1.1M 21.4K shares
Empowered Funds, LLC ETF Provider	$591.1K 11.5K shares

Options Activity

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

Call Positions: 10
Call Value: $18.3M
Put Positions: 4
Put Value: $1.1M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$8.2M 1.4K contracts
J JANE STREET GROUP, LLC Institution	$3.7M 620.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$3.3M 552.0 contracts
P PEAK6 LLC Institution	$1.2M 205.0 contracts
Walleye Trading LLC RIA/Wealth	$1.2M 200.0 contracts
W WOLVERINE TRADING, LLC Institution	$303.1K 50.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$285.6K 48.0 contracts
C CSS LLC/IL Institution	$124.9K 21.0 contracts
LANDMARK INVESTMENT PARTNERS, L.P. Hedge Fund•Long/Short	- - contracts
D D. E. Shaw & Co., Inc. Institution	- - contracts

Put Positions

Institution	Position Value
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$458.1K 77.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$368.8K 62.0 contracts
Walleye Trading LLC RIA/Wealth	$315.3K 53.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	- - contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
R Ranmore Fund Management Ltd Institution	-	9.04% $29.6M	0.77% 498.0K shares	Q4 2024 Held for 11 months	$327.8M
S Solel Partners LP Hedge Fund•Long/Short	William Cronin Stone CFO	9.01% $46.8M	1.21% 787.3K shares	Q2 2020 Held for 5y 5m	$519.8M
IRIDIAN ASSET MANAGEMENT LLC/CT Hedge Fund•Long/Short	Todd Dunkin Raker CEO	7.15% $18.2M	0.47% 305.4K shares	≤ Q2 2013 Held for 12y 5m+	$254.1M
GMT CAPITAL CORP Hedge Fund•Long/Short	Thomas Eugene Claugus President	4.67% $103.1M	2.67% 1.7M shares	Q2 2022 Held for 3y 5m	$2.2B
I Ionic Capital Management LLC Hedge Fund•Multi-Strategy	Bart Ethan Baum CIO	4.12% $3.4M	0.09% 57.6K shares	Q2 2020 Held for 5y 5m	$83.1M
F Factorial Partners, LLC Hedge Fund•Value	Mark Philip Kleiman Managing Partner	3.76% $5.2M	0.13% 87.5K shares	Q4 2017 Held for 7y 11m	$138.3M
VISTA INVESTMENT PARTNERS II, LLC RIA/Wealth	Brett Douglas Guiley Managing Partner	1.62% $3.5M	0.09% 59.3K shares	Q1 2025 Held for 8 months	$217.6M
VISTA INVESTMENT PARTNERS LLC RIA/Wealth	Ronald Loyd Richardson President	1.47% $5.3M	0.14% 89.6K shares	Q1 2025 Held for 8 months	$363.7M
Copeland Capital Management, LLC Long Only Manager	Eric Copeland Brown CEO	1.46% $69.9M	1.81% 1.2M shares	Q1 2022 Held for 3y 8m	$4.8B
R ROBOTTI ROBERT Institution	-	1.24% $7.3M	0.19% 122.3K shares	Q1 2020 Held for 5y 8m	$585.9M