FUN Six Flags Entertainment Corporation/NEW
Executive Summary
A strong institutional cluster formed in FUN shares during 2025-Q3, with 7 buyers accumulating net $146.4M in new holdings while only one seller trimmed an immaterial $2.9M. The buying was dominated by three new high-conviction quant funds (Citadel, D.E. Shaw, Point72) totaling $83.1M and a doubling by Morgan Stanley, implying a shared positive re-rating thesis for the post-merger Six Flags entity going into the seasonally strong summer quarter.
Key Financial Metrics
Institutional Positions
Net institutional flow: $146.4M
▲ Buyers (7)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Morgan Stanley | DOUBLED | +141.1% | $132.8M | $59.0M |
| Citadel | NEW | — | $46.5M | $46.5M |
| D.E. Shaw | NEW | — | $19.0M | $19.0M |
| Point72 | NEW | — | $17.6M | $17.6M |
| UBS | ADD | +79.2% | $17.8M | $4.5M |
| Invesco | ADD | +47.6% | $7.9M | $734.0K |
| BofA | ADD | +31% | $40.4M | -$898.5K |
▼ Sellers (1)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Fidelity | NEAR_EXIT | -93.2% | $3.0M | -$2.9M |
Actionable Insight
The coordinated quant and bank buying suggests a catalyst thesis (e.g., summer attendance / pricing power, debt reduction, or 2026 guidance inflection) that is not yet fully priced. Monitor upcoming earnings for evidence supporting this accumulation — if fundamentals confirm, the concentrated buying creates a natural bid. Contrarian caution: historical T+20 returns on FUN reports have been negative on average (-4.1%), and the 45-day 13F reporting lag means some positions may already be unwound.
Key Facts
- 7 institutional buyers vs 1 seller in Q3 2025 cluster
- Net institutional accumulation of $146.4M into FUN shares
- Citadel opened a new $46.5M position, D.E. Shaw $19.0M, Point72 $17.6M
- Morgan Stanley more than doubled its position (+$59.0M) to $132.8M
- Only seller was Fidelity, trimming a near-exit of $2.9M (93% of tiny position)
- Cluster dominated by active quant funds and mega-passive asset managers
Financial Impact
7 institutional buyers added $146.4M in net new holdings; total buying value $281.9M vs total selling value of $2.9M from one fund. Net accumulation represents roughly 6-7% of current market cap.
Risk Factors
- Historical T+20 alpha on FUN reports is negative (-9.2% vs SPY, 25% win rate in small sample)
- 13F data has a 45-day lag; cluster may have already been partially or fully unwound
- Passive managers (BofA, Invesco, UBS) may represent index rebalancing, not conviction
- The Park & Cedar Fair merger integration and leverage profile remain execution risks
Market Snapshot
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-FUN-2025-Q3 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 12, 2026
1d ago
|
Institutional Cluster
| $24.02 awaiting T+5 | awaiting T+5 | — | — |
|
Jun 11, 2026
2d ago
|
Institutional Cluster
| $23.75 awaiting T+5 | awaiting T+5 | — | — |
|
May 27, 2026
16d ago
|
8-K
| $20.30 $21.21 | ▲ +4.48% | ▲ +4.17% | — |
|
May 27, 2026
16d ago
|
3
| $20.30 $21.21 | ▲ +4.48% | ▲ +4.17% | — |
|
May 27, 2026
16d ago
|
3
| $20.30 $21.21 | ▲ +4.48% | ▲ +4.17% | — |
|
May 20, 2026
23d ago
|
8-K
| $19.72 $21.01 | ▲ +6.54% | ▲ +4.69% | — |
|
May 12, 2026
4w ago
|
Insider Cluster
| $18.90 $19.53 | ▲ +3.33% | ▲ +3.93% | — |
|
May 7, 2026
5w ago
|
8-K
| $22.01 $20.08 | ▼ −8.77% | ▼ −10.23% | — |
|
May 7, 2026
5w ago
|
8-K
| $22.76 $19.32 | ▼ −15.11% | ▼ −16.62% | — |
|
Apr 9, 2026
9w ago
|
8-K
| $19.73 $19.48 | ▼ −1.27% | ▼ −4.45% | — |
US Market Status
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