Baron Capital Group, Inc., together with subsidiaries BAMCO, Inc. and Baron Capital Management, Inc., Ronald Baron, and two affiliated funds report significant ownership in Vail Resorts, Inc. common stock. The group reports beneficial ownership of 6,536,697 shares, representing 18.34 % of the outstanding common stock.
All voting and dispositive authority is reported as shared, with 6,465,654 shares subject to shared voting power and 6,536,697 shares subject to shared dispositive power, and no sole power. The economic interest resides with advisory clients of BAMCO and Baron Capital Management, including Baron Generational Growth Fund and Baron Partners Fund, while Ronald Baron holds a controlling interest in Baron Capital Group.
Positive
None.
Negative
None.
Key Figures
Shares beneficially owned:6,536,697Percent of class:18.34 %Shared voting power:6,465,654.00+3 more
6 metrics
Shares beneficially owned6,536,697Common stock of Vail Resorts, Inc. reported by Baron Capital group
Percent of class18.34 %Portion of Vail Resorts common stock class beneficially owned
Shared voting power6,465,654.00Shares over which the Baron group has shared power to vote
Shared dispositive power6,536,697.00Shares over which the Baron group has shared power to dispose
BAMCO shared voting power5,741,569.00Shares with shared voting power reported for BAMCO, Inc.
Baron Partners Fund position3,202,597.00Shares beneficially owned by Baron Partners Fund
Key Terms
beneficially owned, shared voting power, shared dispositive power, Investment Company Act of 1940, +1 more
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared voting powerfinancial
"6 | Shared Voting Power 6,465,654.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerfinancial
"8 | Shared Dispositive Power 6,536,697.00"
Investment Company Act of 1940regulatory
"shareholders of an investment company registered under the Investment Company Act of 1940"
A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.
parent holding companyfinancial
"Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company"
FAQ
What percentage of Vail Resorts (MTN) does Baron Capital report owning?
Baron Capital Group and affiliated filers report beneficial ownership of 18.34 % of Vail Resorts’ common stock, corresponding to 6,536,697 shares, with all authority over the shares reported as shared rather than sole.
How many Vail Resorts (MTN) shares are beneficially owned by the Baron group?
The filing reports 6,536,697 Vail Resorts common shares as beneficially owned by Baron Capital Group, its subsidiaries, funds, and Ronald Baron, giving them an 18.34 % interest in the issuer’s outstanding common stock.
Does Baron Capital have sole or shared voting power over Vail Resorts (MTN) shares?
The Baron group reports 0 shares with sole voting power and 6,465,654 shares with shared voting power. Dispositive authority is also entirely shared, reflecting their role as investment advisers for client accounts and funds.
Who ultimately controls the Baron entities holding Vail Resorts (MTN) shares?
The filing states that Ronald Baron owns a controlling interest in Baron Capital Group, Inc.. BAMCO, Inc. and Baron Capital Management, Inc. are subsidiaries of Baron Capital Group and advise funds that hold Vail Resorts shares.
Which Baron funds hold Vail Resorts (MTN) shares according to the Schedule 13G/A?
The document identifies Baron Generational Growth Fund and Baron Partners Fund as advisory clients of BAMCO, Inc. Both funds are among the accounts on whose behalf the Baron group reports beneficial ownership of Vail Resorts common stock.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 26)
Vail Resorts, Inc.
(Name of Issuer)
Common Stock, $0.01 par value
(Title of Class of Securities)
91879Q109
(CUSIP Number)
06/30/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
91879Q109
1
Names of Reporting Persons
BAMCO INC /NY/
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
NEW YORK
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
5,741,569.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,812,612.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,812,612.00
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)
16.31 %
12
Type of Reporting Person (See Instructions)
IA, CO
SCHEDULE 13G
CUSIP Number(s):
91879Q109
1
Names of Reporting Persons
Baron Capital Group, Inc.
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
NEW YORK
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,465,654.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,536,697.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,536,697.00
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)
18.34 %
12
Type of Reporting Person (See Instructions)
CO, HC
SCHEDULE 13G
CUSIP Number(s):
91879Q109
1
Names of Reporting Persons
Baron Capital Management, Inc.
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
NEW YORK
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
724,085.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
724,085.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
724,085.00
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)
2.03 %
12
Type of Reporting Person (See Instructions)
IA, CO
SCHEDULE 13G
CUSIP Number(s):
91879Q109
1
Names of Reporting Persons
Ronald Baron
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
6,465,654.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,536,697.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,536,697.00
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)
18.34 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
91879Q109
1
Names of Reporting Persons
Baron Generational Growth Fund
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
MASSACHUSETTS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
625,538.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
625,538.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
625,538.00
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)
1.76 %
12
Type of Reporting Person (See Instructions)
IV
SCHEDULE 13G
CUSIP Number(s):
91879Q109
1
Names of Reporting Persons
Baron Partners Fund
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
3,202,597.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,202,597.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,202,597.00
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)
8.99 %
12
Type of Reporting Person (See Instructions)
IV
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Vail Resorts, Inc.
(b)
Address of issuer's principal executive offices:
390 INTERLOCKEN CRESCENT, SUITE 1000, BROOMFIELD, CO, 80021
Item 2.
(a)
Name of person filing:
Baron Capital Group, Inc. ("BCG"),
BAMCO, Inc. ("BAMCO"),
Baron Capital Management, Inc. ("BCM"),
Ronald Baron,
Baron Generational Growth Fund ("BGGF"),
Baron Partners Fund ("BPF")
(b)
Address or principal business office or, if none, residence:
767 Fifth Avenue, 49th Floor,
New York, NY 10153
(c)
Citizenship:
BCG, BAMCO and BCM are New York corporations. Ronald Baron is a citizen of the United States. BGGF is a series of a Massachusetts Business Trust. BPF is a series of a Delaware Statutory Trust.
(d)
Title of class of securities:
Common Stock, $0.01 par value
(e)
CUSIP No.:
91879Q109
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:
6,536,697
(b)
Percent of class:
18.34 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
6,465,654
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
6,536,697
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
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.
The advisory clients of BAMCO and BCM have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Issuer's common stock in their accounts. To the best of the Filing Persons' knowledge, no such person has such interest relating to more than 5% of the outstanding class of securities.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
BAMCO and BCM are subsidiaries of BCG. BGGF and BPF are advisory clients of BAMCO. Ronald Baron owns a controlling interest in BCG.
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
See Item 3.
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.
