Core Insights - Oasis Management disclosed an acquisition of 833,500 shares of Vail Resorts, valued at approximately $122.66 million, indicating a significant increase in their investment during the fourth quarter of 2026 [2][4] - The total stake in Vail Resorts for Oasis Management reached $245.84 million, reflecting an increase of $93.62 million from the previous quarter, driven by both share purchases and price changes [2][4] Company Overview - Vail Resorts operates numerous mountain destinations and luxury lodgings, generating revenue from lift ticket sales, hospitality, and real estate [1][6] - The company has a market capitalization of $4.92 billion and reported a total revenue of $2.98 billion with a net income of $266.09 million for the trailing twelve months [4] Financial Performance - As of February 12, 2026, Vail Resorts shares were priced at $136.93, which represents a decline of approximately 12.24% over the past year, underperforming the S&P 500 by 25.14 percentage points [8] - Season-to-date skier visits were reported to be down 20%, with lift revenue decreasing by 1.8% and ski school and dining revenue falling by double digits [10] Market Position and Strategy - Vail Resorts targets leisure travelers and outdoor recreation enthusiasts, leveraging its extensive network of resorts and premium service offerings to capture high-value destination guests [6][9] - The company’s integrated business model and scale provide competitive advantages in customer reach and operational efficiency [6] Investor Sentiment - The increase in exposure to Vail Resorts amid a weak season suggests investor confidence in a normalization of conditions rather than panic over current weather-related challenges [7][11] - Vail Resorts represents 37% of Oasis Management's reportable assets, indicating a high-conviction cyclical recovery thesis tied to geography, passholder loyalty, and long-term pricing power [11]