13D Activist Fund is a mutual fund that focuses on companies that are targeted by shareholder activists. The Fund released its Q4 2025 investor letter. A copy of the letter can be downloaded here. In Q4 2025, the I share (DDDIX) returned 0.40%, net of fees and expenses, versus 2.19% for the Russell 2000 Index. YTD, the Fund returned 3.06% vs. the Index’s 12.81% return. It is extremely challenging for active funds to beat market-weighted indexes in a market dominated by large-cap firms. However, the level of shareholder activism continues to improve despite the challenges. Please review the Fund’s top five holdings to gain insights into their key selections for 2025.
In its fourth-quarter 2025 investor letter, 13D Activist Fund highlighted stocks like Six Flags Entertainment Corporation (NYSE:FUN). Six Flags Entertainment Corporation (NYSE:FUN) is an amusement-resort and park operator. On March 05, 2026, Six Flags Entertainment Corporation (NYSE:FUN) stock closed at $17.51 per share. One-month return of Six Flags Entertainment Corporation (NYSE:FUN) was -10.89%, and its shares lost 55.66% over the past 52 weeks. Six Flags Entertainment Corporation (NYSE:FUN) has a market capitalization of $1.699 billion.
13D Activist Fund stated the following regarding Six Flags Entertainment Corporation (NYSE:FUN) in its fourth quarter 2025 investor letter:
“This is a US activist campaign by JANA Partners and Sachem Head Capital Management. Six Flags Entertainment Corporation (NYSE:FUN) is a regional amusement-resort operator with approximately 27 amusement parks, 15 water parks and nine resort properties across 17 states in the United States, Canada and Mexico. In November 2023, Six Flags announced that it would be merging with Cedar Fair. While this news received backlash from some investors, most notably from activist Land & Buildings, the merger was completed in July 2024. At the time, this merger seemed like an opportunity to combine Six Flags’ regional dominance in amusement parks, strong licensing arrangements (such as its lifetime IP agreement with Warner Brothers) and modern tech and pricing backbone with Cedar Fair’s operational discipline, best in class park experience and high customer satisfaction rate to generate synergies and elevate Six Flags’ asset value.
However, this arrangement has not really gone as planned. In Q2, Six Flags faced severe weather conditions during their typical peak May to June season, which resulted in substantial EBITDA and attendance misses. Moreover, the Company entered this period highly levered from the merger, and these misses only amplified the Company’s balance sheet problems in the eyes of investors. This sent Six Flags’ share price down over 58% from the completion of the Cedar Fair merger to the day prior to JANA’s announcement. Stock action like this on otherwise strong businesses that is due to an idiosyncratic event like weather generally gets the attention of good value investors. However, Six Flags does have other issues, namely poor operational execution, integrating the Cedar Fair merger and identifying a new CEO, as CEO Richard Zimmerman has announced he is stepping down from his role at the end of 2025…” (Click here to read the full text)
Six Flags Entertainment Corporation (NYSE:FUN) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 37 hedge fund portfolios held Six Flags Entertainment Corporation (NYSE:FUN) at the end of the fourth quarter, compared to 39 in the previous quarter. In the fourth quarter, Six Flags Entertainment Corporation (NYSE:FUN) achieved $165 million in adjusted EBITDA on 9.3 million guests and $650 million in revenues. While we acknowledge the risk and potential of Six Flags Entertainment Corporation (NYSE:FUN) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Six Flags Entertainment Corporation (NYSE:FUN) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Six Flags Entertainment Corporation (NYSE:FUN) and shared Broyhill Asset Management’s views on the company. In addition, please check out our hedge fund investor letters Q4 2025 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
