Eminence Capital, LP and Ricky C. Sandler report beneficial ownership of 4,134,705 shares of Camping World Holdings, Inc. (Class A Common Stock), representing 6.6% of the outstanding Class A shares based on 62,569,449 shares outstanding as of April 25, 2025. Eminence Capital is organized in Delaware and acts as investment adviser to funds and separately managed accounts whose holdings are included. Mr. Sandler is CEO of Eminence Capital and may be deemed to share voting and dispositive power over the reported shares. The filing states the shares were acquired and are held in the ordinary course of business and not to influence control of the issuer.
Positive
None.
Negative
None.
Insights
TL;DR: A concentrated >5% stake reported; filing confirms shared voting/dispositive power via an adviser structure.
The Schedule 13G discloses an aggregate 6.6% holding in Camping World by Eminence Capital and Mr. Sandler, a size that requires public reporting and could attract market attention. The ownership is held through funds and separately managed accounts under Eminence Capital's management, with shared voting and dispositive power noted. The certification emphasizes ordinary-course investment intent, indicating no claimed purpose to change control. This is a passive disclosure under Section 13G, not a control notice.
TL;DR: Ownership structure shows adviser-client aggregation and shared authority, with formal statements disavowing control intent.
The filing clarifies the governance relationship: Eminence Capital as adviser and Mr. Sandler as CEO/controlling member of the adviser may be deemed to share authority over the shares held by the Eminence Funds and SMAs. The joint filing and certifications are standard; they document beneficial ownership while asserting the passive nature of the stake. Investors should note the explicit shared voting/dispositive power figures reported on the cover pages.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Camping World Holdings, Inc.
(Name of Issuer)
Class A Common Stock, par value $0.01 per share
(Title of Class of Securities)
13462K109
(CUSIP Number)
06/30/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
13462K109
1
Names of Reporting Persons
Eminence Capital, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,071,757.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,134,705.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,134,705.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.6 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP No.
13462K109
1
Names of Reporting Persons
Ricky C. Sandler
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,071,757.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,134,705.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,134,705.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.6 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Camping World Holdings, Inc.
(b)
Address of issuer's principal executive offices:
2 Marriott Dr., Lincolnshire, IL 60069
Item 2.
(a)
Name of person filing:
This statement is filed by Eminence Capital, LP, a Delaware limited partnership ("Eminence Capital") and Ricky C. Sandler, a U.S. Citizen ("Mr. Sandler," and together with Eminence Capital, the "Reporting Persons").
Eminence Capital serves as the management company or investment adviser to, and may be deemed to have shared voting and/or dispositive power (as the case may be) over the shares of Class A Common Stock, par value $0.01 per share ("Class A Common Stock") of Camping World Holdings, Inc., a Delaware corporation (the "Company") held by various investment funds (the "Eminence Funds") and separately managed accounts (the "Eminence SMAs," and together with the Eminence Funds, the "Eminence Funds and SMAs") under its management and control. The general partner of Eminence Capital is Eminence Capital GP, LLC, the sole managing member of which is Mr. Sandler.
Mr. Sandler is the Chief Executive Officer of Eminence Capital and may be deemed to
have shared voting and/or dispositive power (as the case may be) with respect to the shares of Class A Common Stock held by the Eminence Funds and SMAs.
The filing of this statement should not be construed as an admission that any of the Reporting Persons is, for the purposes of Section 13G of the Securities Exchange Act of 1934, the beneficial owner of the securities reported herein.
(b)
Address or principal business office or, if none, residence:
The address of the principal business and principal office of Eminence Capital is 399 Park Avenue, 25th Floor, New York, NY 10022. The business address of Mr. Sandler is 399 Park Avenue, 25th Floor, New York, NY 10022.
(c)
Citizenship:
Eminence Capital is a limited partnership organized under the laws of the State of Delaware. Mr. Sandler is a United States citizen.
(d)
Title of class of securities:
Class A Common Stock, par value $0.01 per share
(e)
CUSIP No.:
13462K109
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 62,569,449 shares of Class A Common Stock outstanding as of April 25, 2025, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, filed with the Securities and Exchange Commission on May 1, 2025.
(b)
Percent of class:
6.6%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
No person other than the Reporting Persons and the Eminence Funds and SMAs is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the shares of Class A Common Stock held by the Eminence Funds and SMAs.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
How many Camping World (CWH) shares do Eminence Capital and Ricky C. Sandler report owning?
They report an aggregate of 4,134,705 shares, representing 6.6% of Class A common stock.
What basis was used to calculate the 6.6% ownership percentage for CWH?
The percentage is based on 62,569,449 shares of Class A common stock outstanding as of April 25, 2025, per the company's quarterly report.
Does the filing state whether Eminence Capital or Mr. Sandler have sole voting or dispositive power?
No; the filing reports 0 shares of sole voting or dispositive power and lists 4,071,757 shared voting power and 4,134,705 shared dispositive power.
Is this Schedule 13G indicating an intent to change control of Camping World?
The filing includes a certification that the securities are held in the ordinary course of business and were not acquired to change or influence control.
Who are the addresses and citizenships listed for the reporting parties?
Both Eminence Capital and Mr. Sandler list 399 Park Avenue, 25th Floor, New York, NY 10022 as their business address; Eminence Capital is organized in Delaware and Mr. Sandler is a U.S. citizen.
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