Hill Path Capital LP
Long book
$1.37B
Q1 2026
Positions
7
Top-10 weight
100%
concentration
Last quarter
+42.3%
SPY +14.8%
Turnover
0%
of book per quarter
Strategy in plain words
auto-generated from filingsHill Path Capital LP is a diversified fundamental manager, specialised in services_media (93% of the long book), running a $1.37B US long book across 7 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: UNITED PARKS & RESORTS INC, HILTON GRAND VACATIONS INC, PENN ENTERTAINMENT INC, DAVE & BUSTER'S ENTERTAINMEN, ACCEL ENTERTAINMENT INC.
Over the last 9 quarters its long book ran on average 5.6pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-11.4%
Q2 2024
-8.2%
Q3 2024
+7.1%
Q4 2024
-19.3%
Q1 2025
+10.1%
Q2 2025
+2.4%
Q3 2025
-20.9%
Q4 2025
-11.8%
Q1 2026
+42.3%
Sector allocation
Services media 92%
Consumer discretionary 6%
Technology 1%
Other 1%
Long book by quarter
What does Hill Path own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| PRKS UNITED PARKS & RESORTS INC | Services media | 27.2M | $888.5M | 64.9% | Held |
| HGV HILTON GRAND VACATIONS INC | Services media | 6.5M | $254.7M | 18.6% | Held |
| PENN PENN ENTERTAINMENT INC | Services media | 5.8M | $86.6M | 6.3% | Held |
| PLAY DAVE & BUSTER'S ENTERTAINMEN | Consumer discretionary | 7.1M | $77.1M | 5.6% | Held |
| ACEL ACCEL ENTERTAINMENT INC | Services media | 2.8M | $30.4M | 2.2% | Held |
| CARS CARS.COM INC | Technology | 2.5M | $20.1M | 1.5% | Held |
| GDEN GOLDEN ENTERTAINMENT INC | — | 467.8K | $12.5M | 0.9% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 7 | $1.37B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 7 | $1.55B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 8 | $2.04B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 8 | $1.94B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 4 | $1.61B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 5 | $2.01B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 5 | $1.89B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 5 | $2.06B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 5 | $2.33B | canonical | SEC ↗ |
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