Rush Island Decided It Had Enough Fun With Six Flags Stock
Key Points
Rush Island sold 3,306,963 shares of FUN; valued at about $104 million based on the Q3 average share price.
The trade value represented 6% of 13F reportable assets under management.
Post-sale, the fund still holds almost 500,000 shares.
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What happened
According to a Securities and Exchange Commission (SEC) filing dated Nov. 14, 2025, Rush Island Management reduced its position in Six Flags Entertainment Corporation (NYSE:FUN) by 3,306,963 shares during the third quarter. The move brought the fund’s FUN stake down to 487,121 shares, with a reported market value of $11.07 million as of Sept. 30, 2025.
What else to know
The fund’s sale leaves FUN at 0.76% of reportable AUM, below the previous quarter’s 7.5%.
Top five holdings as of Sept. 30, 2025:
- SBA Communications: $182.4 million (12.5% of AUM)
- Essex Property Trust: $159 million (10.9% of AUM)
- Healthcare Realty Trust: $140.7million (9.6% of AUM)
- Federal Realty Investment Trust: $132.9 million (9.1% of AUM)
- NNN REIT: $130.68 million (9.0% of AUM)
As of Nov.14, 2025, shares were priced at $14.60, down 68.6% over the past year, underperforming the S&P 500 by 81.0 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close 2025-11-14) | $14.60 |
| Market capitalization | $1.48 billion |
| Revenue (TTM) | $3.14 billion |
| Net income (TTM) | ($1.75 billion) |
Company snapshot
- Six Flags operates amusement and water parks, resorts, and themed attractions across North America, leveraging intellectual property such as Looney Tunes, DC Comics, and PEANUTS.
- It targets families, thrill-seekers, and tourists seeking entertainment and leisure experiences in the U.S., Canada, and Mexico.
- The company employs approximately 5,000 people and is headquartered in Charlotte, North Carolina.
Six Flags Entertainment Corporation is a leading operator of amusement and water parks, with a portfolio spanning 17 states and multiple countries in North America. The company leverages well-known intellectual property to differentiate its attractions and drive guest engagement.
Foolish take
The timing of Rush Island's sales is interesting. While the firm clearly lost conviction in its investment in Six Flags, the company announced meaningful executive changes just 10 days into the fourth quarter.
On Oct. 10, Six Flags said executive chairman Selim Bassoul and lead independent director Daniel J. Hanrahan would both step down at year end. Bassoul had already shifted from the chief executive role to executive chairman after three years in the CEO role in mid-2024. Had Rush Island known of the upcoming changes, it's unclear if the firm would have had a different mindset on the sale.
Bassoul joined Six Flags in 2020 shortly after leaving Middleby Corporation. Bassoul ran Middleby for 15 years, spearheading a remarkable turnaround for the commercial and residential kitchen equipment technology company.
The results of his tenure at Six Flags were not as positive, though the stock didn't begin to tumble until approximately the time he shifted out of the CEO position. Rush Island may have decided that Six Flags had lost its way.
On Nov. 24, however, Six Flags named John Reilly, a seasoned executive in the recreation and amusement industry, as the new CEO. With a new leader in place, and the stock down 69% year to date, Rush Island may decide to buy back those shares. Investors will have to wait for its next SEC filing to know for sure.
Glossary
13F reportable assets: Assets that institutional investment managers must disclose quarterly to the SEC, showing their holdings in certain securities.
AUM (Assets Under Management): The total market value of investments managed by a fund or investment firm on behalf of clients.
Position value: The total market value of a specific investment or holding within a portfolio.
Top five holdings: The five largest investments in a fund's portfolio, typically representing a significant portion of its assets.
Quarter: A three-month period used by companies and investors to report and assess financial performance.
Market value: The current price at which an asset or company can be bought or sold in the marketplace.
Intellectual property: Legal rights to creations such as brands, characters, or inventions, often used to enhance business offerings.
TTM: The 12-month period ending with the most recent quarterly report.
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Howard Smith has positions in Middleby. The Motley Fool has positions in and recommends Middleby and Six Flags Entertainment. The Motley Fool has a disclosure policy.
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