MSA Advisors Sells Out of Vail Resorts Position, Unloads $8.3 Million in Stock
Key Points
Exited entire stake, selling 60,600 shares; estimated transaction value ~$8.27 million based on quarterly average price.
Quarter-end position value declined by $8.05 million, reflecting the combined effect of the trade and stock price movement.
Represents a 2.48% change in 13F reportable assets under management (AUM).
Post-trade, the fund reports zero shares and a $0 position in Vail Resorts.
The position previously accounted for 2.0% of the fund’s AUM as of the prior quarter.
- 10 stocks we like better than Vail Resorts ›
What happened
According to an SEC filing dated May 15, 2026, MSA Advisors, LLC sold its entire 60,600-share position in Vail Resorts (NYSE:MTN) during the first quarter. The estimated transaction value is approximately $8.27 million, based on the quarterly average price. The quarter-end value of the stake decreased by $8.05 million, reflecting both the sale and changes in the stock’s price during the period.
What else to know
MSA Advisors fully liquidated its Vail Resorts stake; it now represents 0% of the fund’s 13F AUM.
- Top holdings after the filing:
- Apollo Global Management: $96.24 million (28.9% of AUM)
- State Street SPDR S&P 500 ETF: $49.97 million (15.0% of AUM)
- Starbucks: $30.82 million (9.3% of AUM)
- Live Nation Entertainment: $28.46 million (8.6% of AUM)
- Alphabet, Class C: $24.80 million (7.5% of AUM)
As of May 15, 2026, Vail Resorts shares were priced at $121.56, down 14.6% over the past year and underperforming the S&P 500 by 40 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close 2026-05-15) | $121.56 |
| Market Capitalization | $4.33 billion |
| Revenue (TTM) | $2.92 billion |
| Net Income (TTM) | $230.55 million |
Company snapshot
Vail Resorts:
- Operates 37 mountain resorts and regional ski areas, luxury hotels, condominiums, golf courses, and provides resort ground transportation services.
- Generates revenue through lift ticket sales, ski school, dining, retail/rental operations, lodging, and real estate development and sales.
- Serves destination and regional leisure travelers, vacationers, and resort guests primarily in the United States.
Vail Resorts, Inc. is a leading operator of mountain resorts and luxury lodging properties, with a diversified revenue base spanning lift tickets, hospitality, and real estate.
What this transaction means for investors
MSA Advisors’ sale of Vail Resorts is noteworthy for a few reasons. First, it was a complete liquidation of the stock, just a year after the firm had originally purchased it. Second, it had been a 2% position in MSA’s portfolio, so it wasn’t just a mere starter position. In fact, MSA had added to its MTN position three quarters in a row before the sale.
Third, MSA unloaded the stock at a loss, as MTN stock has slid 19% over the last year. Over the last five years, MTN’s share price has dropped 60%. Vail Resorts whiffed on its all-important Q2 earnings, and the company has yet to deliver tangible results from the turnaround it promised shareholders. Revenue and adjusted EBITDA dropped 5% and 8%, respectively, and Vail lowered its full-year guidance.
That said, snowfall in the Rockies was its lowest in 30 years, which, alongside increased temperatures, created a “worst-case scenario” for the company weather-wise. Keeping that in mind, it wasn’t an atrocious quarter. Normally, I strongly dislike hearing about the weather impacting any company’s results, but Vail Resorts is one of the few that actually has a case.
Since Vail is a seasonal and cyclical company, I can understand MSA’s decision to move on, as its turnaround story continues to stall. Furthermore, Vail paid $321 million in dividends over the last year but generated only $286 million in FCF and $251 million in net income, suggesting its lofty 7.2% dividend yield may not be sustainable in the long term without a quick turnaround. I still like Vail as the industry leader in its niche, especially given its geographic footprint, which provides a wide moat, but I’d like to see some improvement before I buy.
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Josh Kohn-Lindquist has positions in Alphabet. The Motley Fool has positions in and recommends Alphabet, Starbucks, and Vail Resorts. The Motley Fool recommends Live Nation Entertainment. The Motley Fool has a disclosure policy.
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