What happened
According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, BAMCO Inc sold 892,764 shares of Vail Resorts (MTN 1.01%) during the fourth quarter. The fund’s position in Vail Resorts decreased to 4,809,928 shares, with the stake’s quarter-end valuation down $214.19 million, a change reflecting both trading and price movement.
What else to know
Recent sales reduced Vail Resorts to 1.73% of BAMCO’s 13F reportable AUM.
Top Five holdings after filing:
- NASDAQ: TSLA: $5.36 billion (14.5% of AUM)
- NASDAQ: ACGL: $1.73 billion (4.7% of AUM)
- NYSE: MSCI: $1.58 billion (4.3% of AUM)
- NASDAQ: CSGP: $1.31 billion (3.6% of AUM)
- NASDAQ: IDXX: $1.22 billion (3.3% of AUM)
As of February 17, 2026, shares were priced at $137.75, down 8.9% over the past year, underperforming the S&P 500 by 23.36 percentage points.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $2.98 billion |
| Net income (TTM) | $266.51 million |
| Dividend yield | 6.26% |
| Price (as of market close February 17, 2026) | $137.75 |
Company snapshot
Vail Resorts is a leading operator of mountain resorts and luxury lodging properties, with a diversified portfolio spanning the United States. It operates 37 destination mountain resorts and regional ski areas, luxury hotels, condominiums, golf courses, and provides ski school, dining, retail/rental, and real estate brokerage services.
The company generates revenue primarily from lift ticket sales, lodging, ancillary resort services, and real estate development.
Vail Resorts caters to destination and regional leisure travelers, outdoor recreation enthusiasts, and luxury resort guests in the United States.
What this transaction means for investors
Vail Resorts has built one of the most dominant names in destination skiing, but its stock has underperformed amid investor concerns about the resilience of high-end vacation spending in an uncertain travel environment.
Vail operates 37 mountain resorts and has made season passes the core of its model. Vail’s Epic Pass generates cash flow before the winter season begins, which provides more predictability than traditional day-ticket sales. Prepaid access also smooths revenue, but profitability still depends on how often skiers show up and how much they spend once they arrive. Lodging, dining, ski school, and rentals can magnify earnings in a strong season, yet the company’s high fixed costs mean even modest dips in visitation can pressure results.
For investors, what matters is not only snowfall totals but also whether the Epic ecosystem can sustain traffic and spending when conditions are uneven, or when consumer travel budgets tighten. High visit numbers will continue to reinforce pricing power and loyalty across its portfolio. A weaker season, however, will quickly show how sensitive earnings are to external factors.
