Exploring Viad Corp (VVI) Investor Profile: Who’s Buying and Why?

You're looking at Viad Corp (VVI) and wondering why the stock has been so resilient, especially after the strategic shift to focus on its experiential travel business, Pursuit. Honestly, the answer is simple: institutional conviction is defintely high, and the 2025 numbers back their bet. Consider this: institutional investors, the big money managers, own a staggering 91.90% of the shares, with BlackRock Fund Advisors and The Vanguard Group being among the top holders, collectively controlling millions of shares. Why are they buying? Because the core business is delivering: the company just reported a record-breaking Q3 2025 revenue of $241.0M, a 32.2% jump year-over-year, and raised its full-year 2025 Adjusted EBITDA guidance to a range of $116M-$122M. That's a clear signal that the pivot to high-margin, experience-driven assets is working, so the smart money is doubling down on a growth story with a strong balance sheet-as of Q3 2025, they had $274.4M in total liquidity. Do you understand what this level of institutional backing means for the stock's near-term volatility, and what specific growth catalysts they are pricing in?

Who Invests in Viad Corp (VVI) and Why?

The investor profile for Viad Corp (VVI) in 2025 is dominated by a clear, strategic shift: the company's transformation into a pure-play experiential travel business, Pursuit Attractions and Hospitality, Inc. (PRSU), following the sale of its GES segment. This pivot has fundamentally changed who is buying the stock and their motivations, moving the base toward growth-oriented capital.

You need to understand that Viad Corp, trading as VVI for most of 2025 before the ticker change to PRSU, is no longer a diversified services play. It is a high-growth, high-margin leisure and hospitality investment, and that's what the new money is chasing.

Key Investor Types: The Institutional Majority

The ownership structure of Viad Corp is overwhelmingly institutional, a typical trait for a company undergoing a significant strategic re-rating. As of the first half of the 2025 fiscal year, institutional investors-mutual funds, pension funds, and hedge funds-controlled approximately 91.90% of the outstanding shares.

This leaves a relatively small float for retail investors and company insiders. The large institutional presence means the stock's price action is heavily influenced by the decisions of a few major players. Here's the quick math on the breakdown:

• Institutional Investors: ~91.90%. These are the giants like BlackRock Fund Advisors and The Vanguard Group.
• Retail and Other Investors: ~8.10%. This includes individual investors and smaller funds.
• Top Institutional Holders: BlackRock Fund Advisors, The Vanguard Group, and Dimensional Fund Advisors LP are consistently among the largest owners.

The institutional conviction is high; they're betting on the long-term success of the Pursuit business model.

Investment Motivations: Growth Over Income

The primary attraction for investors in 2025 is the high-growth potential of the Pursuit segment. With the sale of the cyclical GES business, investors are now focused on the high-margin, irreplaceable assets in iconic destinations-the core of Pursuit's value proposition.

The financial results from the 2025 fiscal year clearly illustrate this momentum. Q3 2025 total revenue reached $241 million, representing a robust 32% year-over-year increase. Furthermore, the full-year 2025 adjusted EBITDA guidance was raised to a range of $116 million to $122 million, signaling strong confidence in the experiential travel market. You simply don't see a dividend yield-it's 0.00%-because all available capital is being reinvested for growth. That's the trade-off here: no income, but significant capital appreciation potential.

Investment Strategies: The 'Refresh, Build, Buy' Play

The dominant strategy among institutional holders is a long-term, growth-at-a-reasonable-price (GARP) approach, focused on the execution of Pursuit's proven 'Refresh, Build, Buy' strategy. This isn't a short-term trade; it's a multi-year investment in the secular trend of experiential travel.

The Refresh-Build-Buy strategy is the playbook. It means acquiring new, unique assets, expanding existing properties (Build), and continually upgrading the current portfolio (Refresh). For instance, Q3 2025 attraction ticket revenue of $100.4 million was driven by new attractions and a 4% increase in same-store visitors, showing the strategy is working. Value investors see the company's collection of irreplaceable real estate assets-like the attractions in the Canadian Rockies-as a strong floor for valuation, while growth investors are betting on the rapid expansion of the FlyOver experiences and other new attractions. Hedge funds, on the other hand, often use a more event-driven strategy, capitalizing on the valuation gap created by the corporate separation and the market's re-rating of the new, simplified business. They defintely see the catalyst. You can dive deeper into the company's direction by exploring the Mission Statement, Vision, & Core Values of Viad Corp (VVI).

Institutional Ownership and Major Shareholders of Viad Corp (VVI)

You need to know who is driving the bus at Viad Corp (VVI), which is now primarily focused on its Pursuit Attractions and Hospitality business and trades under the ticker PRSU as of January 2, 2025. The direct takeaway is that institutional investors own the vast majority of the company, giving them significant sway over strategy, and recent movements show conviction in the pivot to experiential travel.

As a seasoned analyst, I see the institutional footprint as a clear vote of confidence in the high-margin Pursuit segment. These large funds, including BlackRock and Vanguard, collectively own approximately $\mathbf{91.90\%}$ of the shares outstanding as of the most recent filings, which is a massive concentration. This means the stock is not a retail-driven play; it's a battleground for professional money managers. You can dive deeper into the company's business model and history here: Viad Corp (VVI): History, Ownership, Mission, How It Works & Makes Money.

Top Institutional Investors and Their Stakes

The top institutional holders are a mix of passive index funds and active asset managers. These firms hold millions of shares, and their positions reflect the company's inclusion in major indexes and the conviction of active funds in the Pursuit growth story. Here's the quick math: the top five institutions alone control a substantial chunk of the company's equity.

For the $\mathbf{2025}$ fiscal year, the largest institutional shareholders, based on the most recent available 13F filings, are listed below. Note the sheer volume of shares managed by these financial behemoths:

Seeing BlackRock and Vanguard near the top is normal for any large-cap stock, as they manage massive index funds. But the presence of active managers like River Road Asset Management and VICTORY CAPITAL MANAGEMENT INC indicates a specific investment thesis is at play, likely centered on the high-growth potential of the experiential travel sector.

Recent Shifts in Ownership: Mixed but Bullish Signals

Institutional ownership changes are defintely not monolithic; they signal a mixed but ultimately net-positive sentiment toward the company's strategic direction. The recent activity shows a clear pattern: growth-focused funds are piling in, even as some index-tracking funds make minor adjustments.

For instance, one notable change from a Q4 2024 to Q2 2025 comparison shows MARSHALL WACE, LLP dramatically increasing its stake by $\mathbf{131,440}$ shares, representing a colossal $\mathbf{1527\%}$ increase. This isn't a minor portfolio rebalance; it's a new, high-conviction position being established. Still, you see minor reductions from index players like BlackRock Fund Advisors, which recently reduced its position by a small $\mathbf{4,272}$ shares, a routine move in passive portfolio management.

• Growth funds are initiating new, large positions.
• Passive funds are making routine, minor adjustments.
• The net effect is a continued high level of institutional control.

Impact of Institutional Investors on Stock and Strategy

The sheer volume of institutional ownership means these shareholders dictate the company's long-term strategy and stock price stability. When institutions own $\mathbf{90\%+}$ of a company, their collective trading activity creates the floor and ceiling for the stock price. Their buy-in validates the strategic focus on the Pursuit segment.

A concrete example of their influence is tied to the company's financial performance in $\mathbf{2025}$. The strong third-quarter results for $\mathbf{2025}$-with revenue hitting $\mathbf{\$241.0M}$ (up $\mathbf{32.2\%}$ year-over-year) and Adjusted EBITDA at $\mathbf{\$117.4M}$ (up $\mathbf{41.5\%}$ year-over-year)-are what keep these investors happy. Here's why this matters:

• Strategic Validation: The institutional support allows management to execute on its growth plan, including the $\mathbf{\$124M}$ in acquisitions in $\mathbf{2025}$, such as the $\mathbf{\$111M}$ Tabacón acquisition.
• Financial Flexibility: High institutional confidence supports a strong balance sheet. The company reported total liquidity of $\mathbf{\$274.4M}$ as of September 30, $\mathbf{2025}$, which is capital for further expansion.
• Governance Pressure: The mandatory conversion of preferred stock held by Crestview Partners into approximately $\mathbf{6.7}$ million common shares on December 31, $\mathbf{2024}$, was triggered by the common stock price exceeding a $\mathbf{\$42.50}$ threshold. This event, driven by market performance, simplified the capital structure and increased the common share float, which is a key institutional preference.

The institutional investors are essentially betting on the raised full-year $\mathbf{2025}$ Adjusted EBITDA guidance of $\mathbf{\$116M}$-$\mathbf{\$122M}$, a significant increase from the previous forecast, as the primary driver for future returns. They are patient capital, but they demand growth.

Key Investors and Their Impact on Viad Corp (VVI)

You're looking at Viad Corp (VVI) and trying to figure out who the big money players are and why they're buying or selling. The direct takeaway is this: institutional investors own the vast majority of the company, and their recent moves strongly endorse the strategic pivot away from the old GES exhibition business toward the higher-margin, high-growth Pursuit attractions and hospitality focus.

Institutional ownership sits at a staggering 91.90% of outstanding shares, meaning the stock's movement is defintely driven by the decisions of large funds, not retail investors. The key to understanding Viad Corp's investor profile is recognizing that the company effectively relaunched as Pursuit Attractions and Hospitality, Inc. (with a new ticker, PRSU, starting in January 2025) after selling its GES segment. This transformation is what's driving the capital allocation decisions you see in the 2025 fiscal year data. You can read more about this shift here: Viad Corp (VVI): History, Ownership, Mission, How It Works & Makes Money.

The Institutional Giants and Their Positions

The top holders of Viad Corp are a mix of passive index funds and active asset managers, which is typical for a mid-cap company. However, the most notable investor is not a traditional mutual fund but a private equity-style firm, which signals a significant strategic endorsement. The largest single transaction in late 2024 cemented the new investor landscape.

Here's the quick math on the major holders and their reported positions as of the first half of the 2025 fiscal year, reflecting the new focus:

The most important story here is Crestview Partners. They made a massive acquisition of 6,674,234 shares on December 30, 2024, valued at over $141.8 million at a price of $21.25 per share. This transaction was directly tied to the GES sale and the new Pursuit-only strategy, making them a cornerstone investor whose presence validates the company's new direction. Their influence is less about public activism and more about a foundational capital commitment to the new business model.

Recent Investor Moves: The 2025 Trend

The institutional activity in the first half of 2025 shows a clear trend: active managers are buying into the Pursuit story, while some passive funds are making minor adjustments. This tells you that the market is re-rating the stock based on its new identity as a pure-play attractions company.

• Aggressive Buyers: Victory Capital Management Inc. increased its stake by 35%, adding over 615,555 shares. Also notable is Millennium Management LLC, which acquired 505,608 shares, representing a massive 2473% increase from their previous small position, signaling a new, high-conviction bet on the stock.
• Index Fund Adjustments: BlackRock, Inc. reduced its position by 6%, or 192,769 shares. This isn't a panic sale; it's often a rebalancing of index funds (like the iShares funds BlackRock manages) as the company's market capitalization and index weighting shift. Vanguard Group Inc., by contrast, increased its holdings by 11%, adding 156,885 shares.
• High-Conviction Plays: AllianceBernstein L.P. had an enormous increase of 3692%, acquiring 697,605 shares, which is a powerful signal from a major asset manager that they see significant upside in the focused business.

Investor Influence on Strategy and Performance

The influence of these investors is most evident in the company's capital allocation and strategic growth. The decision to sell the cyclical, capital-intensive GES business and focus solely on the high-margin Pursuit segment was a major shareholder value move. The new investor base, led by the Crestview acquisition, is now backing an aggressive growth plan.

This investor confidence is directly linked to the company's financial flexibility. As of September 30, 2025, Viad Corp (VVI) had total liquidity of $274.4 million and a low net leverage ratio of 0.7x. This financial strength, supported by the new investor base, allows for clear actions:

• Acquisitions: The company completed the $111 million acquisition of Tabacón Thermal Resort & Spa in Costa Rica in 2025, a key part of its 'Buy' strategy.
• Organic Investment: Management plans to invest between $38 million and $43 million in growth capital expenditures (capex) in 2025 for organic expansion, like the Jasper SkyTram project.
• Performance: The strategy is working. The company reported record third quarter 2025 results with revenue of $241.0 million (up 32.2% year-over-year) and raised its full-year 2025 adjusted EBITDA guidance to between $116 million and $122 million.

The investors aren't just holding shares; they are essentially funding and validating a high-growth pivot. If the company continues to execute on its 'Refresh, Build, Buy' strategy, the institutional support will remain strong. Finance: monitor the Q4 2025 13F filings for continued high-conviction buying by active managers.

Market Impact and Investor Sentiment

You're looking at Viad Corp (VVI) and seeing a company in the middle of a major strategic pivot, and the institutional money is defintely watching. The direct takeaway is that major shareholders hold a cautiously positive sentiment, driven by the strong performance of the Pursuit segment and the strategic clarity following the sale of the GES business.

Institutional investors own a massive chunk of the company, holding approximately 91.90% of the shares. This concentration means their sentiment dictates the stock's near-term direction. We saw a mixed but net-positive signal in early 2025 filings, with firms like Dimensional Fund Advisors LP increasing their stake by a significant 12.46%, while BlackRock Fund Advisors and The Vanguard Group made only minor, sub-one-percent adjustments to their positions. Here's the quick math: when a major holder adds that much, they are endorsing the new, streamlined focus on the attractions and hospitality business.

• BlackRock Fund Advisors: Top institutional holder.
• Dimensional Fund Advisors LP: Increased stake by 12.46%.
• Vanguard Group Inc.: Maintains a core, large position.

Recent Market Reactions to Ownership Shifts

The market has responded positively to the structural changes and the confidence shown by key investors. The stock closed at $42.51 per share on March 28, 2025, which represents a solid 21.98% increase from its price a year prior. This upward movement reflects investor approval of the company's transformation into a pure-play experiential travel firm (now rebranding to Pursuit Attractions and Hospitality, Inc.).

A crucial moment was the mandatory conversion of the 5.5% Convertible Series A Preferred Stock held by Crestview Partners in December 2024. This move converted all preferred stock into approximately 6.7 million shares of common stock, which is a huge win for common shareholders because it simplifies the capital structure and saves the company about $8 million annually in cash dividend payments. That's a clear, quantifiable benefit that the market cheered.

Analyst Perspectives and Investor Confidence

Wall Street analysts are generally bullish, which reinforces the institutional buying behavior. As of early 2024, the mean price target was sitting at $44.33, suggesting a potential upside of over 25% from the stock's price at that time. This positive outlook is directly tied to the strong growth in the Pursuit segment, which is the core of the new Viad Corp (VVI).

The most compelling data point is the company's own performance and guidance. Following the Q3 2025 earnings call in November 2025, management raised their full-year 2025 adjusted EBITDA guidance to a range of $116 million to $122 million. This is a $6 million midpoint increase from prior guidance, and it projects approximately 24% revenue growth at the midpoint versus 2024. That kind of upward revision is a powerful signal that the business is executing well, and it's why the average analyst is holding a 'hold or accumulate' rating on the stock as of late 2025. You can see the strategic thinking behind this growth in their Mission Statement, Vision, & Core Values of Viad Corp (VVI).

To be fair, the stock's market capitalization of $1.186 billion (as of March 28, 2025) still puts it in the small-cap space, meaning it can be more volatile. Still, the underlying fundamentals-record Q3 2025 revenue of $241.0 million and adjusted EBITDA of $117.4 million-show a company that is delivering on its promise to be a high-margin, growth-focused experiential travel business.