Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Churchill Downs Inc (CHDN)

442 + Investors. Track Smart Money conviction in CHDN. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -12
Streak
1Q ▼
Buyers last Q
54%

Smart Money Signals — CHDN

Based on 444 hedge funds · latest filing: 2026 Q1 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds reduced or closed their CHDN positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️

At the ownership peak (97% of max)

97% of all-time peak
444 hedge funds hold CHDN right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
📶

Steady growth — +6% more funds vs a year ago

fund count last 6Q
+24 new funds entered over the past year (+6% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡

Slight buying edge — 54% buying

259 buying220 selling
Last quarter: 259 funds bought or added vs 220 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
⚠️

Fewer new buyers each quarter (-14 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 71 → 59 → 96 → 82. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒

60% of holders stayed for 2+ years

■ 60% conviction (2yr+) ■ 21% medium ■ 18% new
268 out of 444 hedge funds have held CHDN for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💎

Buying through price weakness — shares +1%, value -24%

Value
-23%
Shares
+1%
Last quarter: funds added +1% more shares while total portfolio value only changed -24%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈

Growing discovery — still being found

58 → 71 → 59 → 96 → 82 new funds/Q
New funds entering each quarter: 71 → 59 → 96 → 82. A growing number of institutions are discovering CHDN each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️

Veteran-anchored — 66% veterans vs 22% newcomers

■ 66% veterans ■ 11% 1-2yr ■ 22% new
Entry-cohort mix of 455 holders: 302 (66%) are 2+ year veterans, 52 entered 1–2 years ago, and 101 (22%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆

Elite ownership — 40% AUM from top-100 funds

40% from top-100 AUM funds
58 of 441 holders are among the 100 largest funds by AUM, controlling 40% of total institutional value in CHDN. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
3.4
out of 10
Low Exit Risk
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — CHDN

In 2026 Q1, 259 hedge funds were net buyers of CHDN (82 opened a new position, 177 added to an existing one), while 220 reduced or exited (126 trimmed, 94 sold completely) — a 54% buyer ratio, indicating a slight buying edge. 40% of total institutional value in CHDN is held by top-100 AUM funds, reflecting elite-tier ownership quality. Net fund flow last quarter: -12 funds (more exits than new entries). Total institutional holders: 444.

Hedge Fund Ownership: CHDN

How many hedge funds hold CHDN — quarterly history vs. share price
Quarterly hedge fund ownership of CHDN vs. share price

Market Analysis: CHDN

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: CHDN

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy Churchill Downs Inc (CHDN) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much CHDN has moved relative to its sector benchmark (XLY) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 78d ago
CHDN
+3.2%
XLY
+8.9%

CHDN outperformed XLY by -5.7% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 33d ago
CHDN
+6.9%
XLY
+1.9%

Since the filing became public, CHDN outperformed XLY by +5.0% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

36 top-rated funds 3 high-conviction
Consensus
6.8
/ 10
breadth
×
Elite
2.9
/ 10
conviction
Hedge Fund Positioning: CHDN
442 + Investors

Track Smart Money conviction in CHDN. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 442 456 -3.07%
13F Shares 56M 55M 0.76%
Total Value $4.78B $6.26B -23.59%
New Positions 80 96 -16
Increased Positions 177 115 +62
Closed Positions 94 68 +26
Reduced Positions 122 180 -58
Total Calls 7 3 133.33%
Total Puts 7 3 133.33%
PUT/CALL Ratio 1.0 1.0 Neutral

Statistics: CHDN

View More

Valuation Measures Data as of: --

Market Cap --
Enterprise Value --
Trailing P/E --
Forward P/E --
PEG Ratio (5yr expected) --
Price/Sales (ttm) --
Price/Book (mrq) --
Enterprise Value/Revenue --
Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

Profitability
Profit Margin --
Return on Assets (ttm) --
Return on Equity (ttm) --
Income Statement & Cash Flow
Revenue (ttm) --
Net Income Avi to Common (ttm) --
Diluted EPS (ttm) --
Total Cash (mrq) --
Total Debt/Equity (mrq) --
Levered Free Cash Flow (ttm) --

Institutional Holders (2026 Q1)

442 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in CHDN. Verified SEC 13F-HR filings.

QUARTER:
Top 25 CHDN holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 1060 Capital, LLC 16.38% 150,000 $13.5M
2 Hudson Way Capital Management LLC 7.47% 870,362 $78.2M
3 Orvieto Partners, L.P. 7.36% 95,700 $8.6M
4 Kettle Hill Capital Management, LLC 6.68% 296,633 $26.6M
5 Nitorum Capital, L.P. 6.07% 76,970 $6.9M
6 Bayberry Capital Partners LP 5.97% 215,000 $19.3M
7 Alua Capital Management LP 4.27% 539,890 $48.5M
8 Landmark Investment Partners, L.P. 4.11% 63,733 $5.7M
9 Bridger Management, LLC 4.01% 57,179 $5.1M
10 Atlanta Consulting Group Advisors, LLC 2.05% 106,051 $9.5M
11 ArrowMark Colorado Holdings LLC 1.71% 715,841 $64.3M
12 London Co of Virginia 1.44% 2,593,821 $233.0M
13 Sage Investment Advisers LLC 1.33% 20,187 $1.8M
14 Aurora Investment Counsel 1.29% 25,924 $2.3M
15 Town & Country Bank & Trust CO dba First Bankers Trust CO 1.16% 38,078 $3.4M
16 Junto Capital Management LP 1.09% 575,499 $51.7M
17 Shellback Capital, LP 1.02% 80,000 $7.2M
18 Community Trust & Investment Co 0.99% 202,801 $18.2M
19 Kentucky Farm Bureau Mutual Insurance Co 0.87% 32,000 $2.9M
20 Skylands Capital, LLC 0.86% 73,400 $6.6M
21 Stock Yards Bank & Trust Co 0.82% 295,156 $26.5M
22 CM Management, LLC 0.75% 10,000 $898K
23 Discovery Capital Management, LLC / Ct 0.75% 160,200 $14.4M
24 Parthenon LLC 0.75% 72,654 $6.5M
25 Legacy Financial Independent Advisors LLC 0.57% 12,292 $1.1M
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Churchill Downs Inc (CHDN)

What does the Smart Money Trend signal show for CHDN?

Selling streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds reduced or closed their CHDN positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for CHDN?

Slight buying edge — 54% buying: Last quarter: 259 funds bought or added vs 220 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

What is the fund quality score for CHDN holders?

Elite ownership — 40% AUM from top-100 funds: 58 of 441 holders are among the 100 largest funds by AUM, controlling 40% of total institutional value in CHDN. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.

How long have hedge funds held CHDN?

60% of holders stayed for 2+ years: 268 out of 444 hedge funds have held CHDN for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Is it too late to buy Churchill Downs Inc (CHDN) following the 2026 Q1 hedge fund 13F filings?

As of today, CHDN has moved +6.9% since the 2026 Q1 13F filing date (May 15, 2026), compared to +1.9% for the XLY sector ETF — an outperformance of +5.0%. Since the quarter end (March 31, 2026), CHDN has gained +3.2% vs +8.9% for XLY. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

Full history →