HP
Hill Path Capital LP — 13F Filing & Top Stock Positions (Q2 2026)
Hill Path Capital LPCIK: 0001676292
Concentrated strategySector-focusedContrarian
Total reported value
$1.9B
Reporting period: 2026-06-30 · Number of holdings: 7
Hill Path Capital LP disclosed 7 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $1.9B and a quarterly turnover rate of 34.8%.
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Personality snowflake
- Concentration
- 100
- Portfolio Stability
- 34.83
- Momentum
- 0
- Sector conviction
- 100
- Diversification
- 14
- Sizing Uniformity
- 83
Hill Path Capital LP's disclosed holdings carry a Herfindahl concentration index of 0.497 — mathematically equivalent to about 2 equally-sized positions, well below its 7 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.70), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 7% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd PRKS
0.0% $410.3M
Trim PLAY
0.0% $4.1M
Sold out GDEN
Trim HGV
0.0% $86.3M
New buy VICI
Trim ACEL
0.0% $4.7M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | PRKS | United Parks & Resorts Inc | Stock-Other | 67.74% | +2.88% | — | |
| 2 | HGV | Hilton Grand Vacations Inc | Stock-Other | 17.78% | -0.81% | — | |
| 3 | PENN | Penn Entertainment Inc | Stock-Consumer Disc | 6.42% | +0.10% | — | |
| 4 | PLAY | Dave & Buster's Entertainmen | Stock-Other | 4.23% | -1.40% | — | |
| 5 | ACEL | Accel Entertainment Inc | Stock-Other | 1.83% | -0.39% | — | |
| 6 | CARS | Cars.com Inc | Stock-Other | 1.42% | -0.05% | — | |
| 7 | VICI | Vici Properties Inc | Stock-Real Estate | 0.58% | +0.58% | NEW |
Portfolio Performance
Performance for Q3 2026
-1.3%
Performance Last 4 Quarters
-18.8%
- Stdev
- +27.6%
- Beta
- +1.42
- Alpha
- -31.1%
- Max Drawdown
- -44.5%
- Annualized Perf
- -6.1%
- Batting Avg vs S&P
- +38.9%
- Sortino
- -0.14
- Stutzer
- -0.03
- Treynor
- -0.02
- Sterling
- -0.17
- Calmar
- -0.14
- Information Ratio
- -1.07
- Tracking Error
- +21.2%
- Stdev Down
- +18.8%
- Winning Months %
- +47.2%
- Losing Months %
- +52.8%
- Best 12 Months
- +17%
- Worst 12 Months
- -34%
- Efficiency Ratio
- +0.07
- Sharpe
- -0.1
- Stdev Sectors
- +41.7%
- Skewness
- +0.19
- Kurtosis
- -1.08
- Upside Potential
- +2.12
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 7 | $1.9B | 35 | ||
| 2026 Q1 | 7 | $1.4B | 13 | ||
| 2025 Q4 | 7 | $1.6B | 29 | ||
| 2025 Q3 | 8 | $2.0B | 22 | ||
| 2025 Q2 | 8 | $1.9B | 0 | ||
| 2025 Q1 | 4 | $1.6B | 56 | ||
| 2024 Q4 | 5 | $2.0B | 0 | ||
| 2024 Q3 | 5 | $1.9B | 0 | ||
| 2024 Q2 | 5 | $2.1B | 0 | ||
| 2024 Q1 | 5 | $2.3B | 0 | ||
| 2023 Q4 | 6 | $2.2B | 0 | ||
| 2023 Q3 | 6 | $1.8B | 0 | ||
| 2023 Q2 | 6 | $2.2B | 0 | ||
| 2023 Q1 | 7 | $2.3B | 0 | ||
| 2022 Q4 | 8 | $2.1B | 0 | ||
| 2022 Q3 | 8 | $1.8B | 0 | ||
| 2022 Q2 | 8 | $1.8B | 0 | ||
| 2022 Q1 | 8 | $2.6B | 0 | ||
| 2021 Q4 | 8 | $2.3B | 0 | ||
| 2021 Q3 | 8 | $1.9B | 0 | ||
| 2021 Q2 | 8 | $1.7B | 8 | ||
| 2021 Q1 | 8 | $1.7B | 47 | ||
| 2020 Q4 | 6 | $1.0B | 52 | ||
| 2020 Q3 | 3 | $606.6M | 34 | ||
| 2020 Q2 | 2 | $431.6M | 27 | ||
| 2020 Q1 | 2 | $327.9M | 97 | ||
| 2019 Q4 | 2 | $949.0M | 19 | ||
| 2019 Q3 | 2 | $786.5M | 15 | ||
| 2019 Q2 | 2 | $916.6M | 72 | ||
| 2019 Q1 | 2 | $435.9M | 15 | ||
| 2018 Q4 | 2 | $376.5M | 33 | ||
| 2018 Q3 | 2 | $526.2M | 36 | ||
| 2018 Q2 | 2 | $367.6M | 38 | ||
| 2018 Q1 | 3 | $265.0M | 33 | ||
| 2017 Q4 | 2 | $194.9M | 4 | ||
| 2017 Q3 | 2 | $187.3M | 21 | ||
| 2017 Q2 | 3 | $230.6M | 89 | ||
| 2017 Q1 | 2 | $89.0M | 13 | ||
| 2016 Q4 | 1 | $83.4M | 0 |
Holding changes this quarter
Hill Path Capital LP's most significant position changes for 2026-06-30: Sold out: Golden Entertainment Inc (GDEN); New buy: Vici Properties Inc (VICI).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | PRKS | United Parks & Resorts Inc | +2.9% | — | Unchanged |
| 2 | VICI | Vici Properties Inc | +0.6% | NEW | New buy |
| 3 | PENN | Penn Entertainment Inc | +0.1% | — | Unchanged |
| 4 | CARS | Cars.com Inc | -0.1% | — | Unchanged |
| 5 | ACEL | Accel Entertainment Inc | -0.4% | — | Unchanged |
| 6 | HGV | Hilton Grand Vacations Inc | -0.8% | — | Unchanged |
| 7 | GDEN | Golden Entertainment Inc | -0.9% | EXIT | Sold out |
| 8 | PLAY | Dave & Buster's Entertainmen | -1.4% | — | Unchanged |
Filing History
FAQ
What is Hill Path Capital LP and what type of investor is it?
Hill Path Capital LP is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $1.9B, spread across 7 disclosed positions.
What are Hill Path Capital LP's largest equity positions?
Based on the latest 13F filing, Hill Path Capital LP's top holdings by market value are:
1. United Parks & Resorts Inc (PRKS) — $1.3B (67.7%)
2. Hilton Grand Vacations Inc (HGV) — $340.9M (17.8%)
3. Penn Entertainment Inc (PENN) — $123.0M (6.4%)
4. Dave & Buster's Entertainmen (PLAY) — $81.2M (4.2%)
5. Accel Entertainment Inc (ACEL) — $35.2M (1.8%)
What changes did Hill Path Capital LP make in its most recent portfolio filing?
In the latest reported quarter, Hill Path Capital LP made 2 notable position adjustments: 1 new positions were initiated, 0 existing holdings were added to, 0 positions were partially reduced, and 1 were completely exited. The largest of these moves: Sold out: Golden Entertainment Inc (GDEN); New buy: Vici Properties Inc (VICI)
What sectors does Hill Path Capital LP focus on?
Hill Path Capital LP is concentrated in the following sectors based on its current disclosed equity portfolio:
• Consumer Discretionary: 91.7%
• Real Estate: 8.3%
Investment Profile
Hill Path Capital LP returned an annualized -6.1% over the trailing 36 months — underperforming the S&P 500 by 31.1 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.42 (more volatile than the market) and a 39% quarterly batting average against the index.
Its portfolio is concentrated and moderately active, with 91.7% of the portfolio concentrated in Consumer Discretionary.
Its turnover score has risen from 0 to 35 over the past 4 quarters — a shift toward more active trading.
It has added to its PENN position for two straight quarters, increasing it by $38.1M to reach $123.0M.
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Developer Access
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