[SCHEDULE 13D/A] MARRIOTT VACATIONS WORLDWIDE CORPORATION SEC Filing

Q: How many Marriott Vacations Worldwide (VAC) shares does Impactive Capital own?

Impactive Capital reports beneficial ownership of 4,045,984 VAC shares , representing 11.7% of shares outstanding.

Q: What was the total purchase cost of Impactive Capital's VAC stake?

The aggregate purchase price disclosed is approximately $343.9 million , including brokerage commissions.

Q: Does Impactive Capital have sole or shared voting power over VAC shares?

All voting and dispositive authority is shared ; none of the reporting persons has sole power.

Q: When did the ownership change that triggered this Schedule 13D/A occur?

The event date requiring the filing is 17 June 2025 , with the amendment signed on 20 June 2025.

Q: What percentage of VAC’s outstanding shares is represented by the stake?

The filing states the position equals approximately 11.7% of the 34,535,278 shares outstanding as of 5 May 2025.

Q: Why is activist involvement considered important for VAC investors?

Activists like Impactive can push for strategic changes, capital return, or governance reforms that may enhance shareholder value.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

SCHEDULE 13D/A

Rhea-AI Filing Summary

Impactive Capital LP and related entities have filed Amendment No. 3 to their Schedule 13D on Marriott Vacations Worldwide (VAC), disclosing an 11.7% economic stake, or 4,045,984 common shares. The shares were accumulated in open-market purchases using working capital, at a total cost of approximately $343.9 million. Voting and dispositive authority over the entire position is held on a shared basis by Impactive Capital LP, Impactive Capital GP, and the firm’s co-founders Lauren Taylor Wolfe and Christian Asmar; none of the parties reports sole authority. The ownership calculation is based on 34,535,278 VAC shares outstanding as of 5 May 2025, per the company’s latest Form 10-Q.

The filing confirms that no additional transactions have occurred since the prior amendment other than those summarised in Exhibit 1. Although the amendment does not outline specific strategic intentions, an activist holding above 10% typically positions the investor to influence corporate strategy, board composition, capital allocation or M&A activity. Impactive’s sizeable purchase price and rapid accumulation signal a potentially active engagement with management. The filing contains no references to litigation, regulatory matters or financing contingencies.

Key data for investors:

Stake size: 4.0 million shares (11.7% of outstanding).
Acquisition cost: ~$343.9 million (avg. cost ≈ $85/share).
Control: 100% of voting and dispositive power is shared among the reporting group.
Event date triggering filing: 17 June 2025; signatures dated 20 June 2025.

The entry of a well-known activist fund with a double-digit ownership interest is likely to elevate investor focus on VAC’s strategic options and could serve as a catalyst for share-price re-rating.

Impactive Capital LP e entità correlate hanno presentato l'Emendamento n. 3 al loro Schedule 13D riguardante Marriott Vacations Worldwide (VAC), rivelando una partecipazione economica dell'11,7%, pari a 4.045.984 azioni ordinarie. Le azioni sono state accumulate tramite acquisti sul mercato aperto utilizzando capitale operativo, per un costo totale di circa 343,9 milioni di dollari. L'autorità di voto e dispositiva sull'intera posizione è detenuta in modo condiviso da Impactive Capital LP, Impactive Capital GP e dai cofondatori della società Lauren Taylor Wolfe e Christian Asmar; nessuna delle parti dichiara autorità esclusiva. Il calcolo della partecipazione si basa su 34.535.278 azioni VAC in circolazione al 5 maggio 2025, secondo l'ultimo Form 10-Q della società.

Il deposito conferma che non sono state effettuate ulteriori transazioni rispetto all'emendamento precedente, se non quelle riepilogate nell'Esibizione 1. Sebbene l'emendamento non specifichi intenzioni strategiche particolari, una partecipazione attivista superiore al 10% solitamente posiziona l'investitore per influenzare la strategia aziendale, la composizione del consiglio di amministrazione, l'allocazione del capitale o le attività di M&A. Il significativo prezzo di acquisto di Impactive e la rapida accumulazione indicano un possibile coinvolgimento attivo con la direzione. Il deposito non fa riferimento a contenziosi, questioni regolamentari o condizioni di finanziamento.

Dati chiave per gli investitori:

Dimensione della partecipazione: 4,0 milioni di azioni (11,7% del capitale in circolazione).
Costo di acquisizione: circa 343,9 milioni di dollari (costo medio ≈ 85 dollari per azione).
Controllo: il 100% del potere di voto e dispositivi è condiviso tra il gruppo di segnalazione.
Data dell'evento che ha determinato il deposito: 17 giugno 2025; firme datate 20 giugno 2025.

L'ingresso di un noto fondo attivista con una partecipazione a doppia cifra probabilmente aumenterà l'attenzione degli investitori sulle opzioni strategiche di VAC e potrebbe fungere da catalizzatore per una rivalutazione del prezzo delle azioni.

Impactive Capital LP y entidades relacionadas han presentado la Enmienda N° 3 a su Schedule 13D sobre Marriott Vacations Worldwide (VAC), revelando una participación económica del 11,7%, equivalente a 4.045.984 acciones comunes. Las acciones fueron acumuladas mediante compras en el mercado abierto utilizando capital operativo, con un costo total aproximado de 343,9 millones de dólares. La autoridad de voto y dispositiva sobre toda la posición se ejerce de forma compartida por Impactive Capital LP, Impactive Capital GP y los cofundadores de la firma Lauren Taylor Wolfe y Christian Asmar; ninguna de las partes reporta autoridad exclusiva. El cálculo de la propiedad se basa en 34.535.278 acciones VAC en circulación al 5 de mayo de 2025, según el último Formulario 10-Q de la compañía.

La presentación confirma que no se han realizado transacciones adicionales desde la enmienda anterior, salvo las resumidas en el Anexo 1. Aunque la enmienda no detalla intenciones estratégicas específicas, una participación activista superior al 10% normalmente posiciona al inversor para influir en la estrategia corporativa, la composición del consejo, la asignación de capital o actividades de fusiones y adquisiciones. El elevado precio de compra de Impactive y la rápida acumulación indican un posible compromiso activo con la dirección. La presentación no menciona litigios, asuntos regulatorios ni contingencias financieras.

Datos clave para inversores:

Tamaño de la participación: 4,0 millones de acciones (11,7% del total en circulación).
Costo de adquisición: aproximadamente 343,9 millones de dólares (costo promedio ≈ 85 dólares por acción).
Control: el 100% del poder de voto y dispositiva se comparte entre el grupo reportante.
Fecha del evento que desencadenó la presentación: 17 de junio de 2025; firmas fechadas el 20 de junio de 2025.

La entrada de un fondo activista reconocido con una participación de dos dígitos probablemente aumentará el enfoque de los inversores en las opciones estratégicas de VAC y podría actuar como catalizador para una reevaluación del precio de las acciones.

Impactive Capital LP et entités associées ont déposé l'Amendement n° 3 à leur Schedule 13D concernant Marriott Vacations Worldwide (VAC), révélant une participation économique de 11,7 %, soit 4 045 984 actions ordinaires. Les actions ont été accumulées par des achats sur le marché libre en utilisant du capital de travail, pour un coût total d'environ 343,9 millions de dollars. Le pouvoir de vote et de disposition sur l'ensemble de la position est détenu de manière partagée par Impactive Capital LP, Impactive Capital GP et les cofondateurs de la société Lauren Taylor Wolfe et Christian Asmar ; aucune des parties ne déclare de pouvoir exclusif. Le calcul de la participation est basé sur 34 535 278 actions VAC en circulation au 5 mai 2025, selon le dernier formulaire 10-Q de la société.

Le dépôt confirme qu'aucune transaction supplémentaire n'a eu lieu depuis l'amendement précédent, à l'exception de celles résumées dans l'Exhibit 1. Bien que l'amendement ne précise pas d'intentions stratégiques spécifiques, une participation activiste supérieure à 10 % positionne généralement l'investisseur pour influencer la stratégie d'entreprise, la composition du conseil, l'allocation du capital ou les activités de fusions-acquisitions. Le prix d'achat important d'Impactive et l'accumulation rapide indiquent un engagement potentiellement actif avec la direction. Le dépôt ne fait référence à aucun litige, question réglementaire ou condition de financement.

Données clés pour les investisseurs :

Taille de la participation : 4,0 millions d'actions (11,7 % du capital en circulation).
Coût d'acquisition : environ 343,9 millions de dollars (coût moyen ≈ 85 dollars par action).
Contrôle : 100 % du pouvoir de vote et de disposition est partagé entre le groupe déclarant.
Date de l'événement déclencheur du dépôt : 17 juin 2025 ; signatures datées du 20 juin 2025.

L'entrée d'un fonds activiste reconnu avec une participation à deux chiffres est susceptible d'attirer davantage l'attention des investisseurs sur les options stratégiques de VAC et pourrait servir de catalyseur pour une réévaluation du cours de l'action.

Impactive Capital LP und verbundene Unternehmen haben die Änderung Nr. 3 zu ihrem Schedule 13D bezüglich Marriott Vacations Worldwide (VAC) eingereicht und dabei einen wirtschaftlichen Anteil von 11,7 % bzw. 4.045.984 Stammaktien offengelegt. Die Aktien wurden durch Käufe am offenen Markt mit Betriebskapital erworben, bei Gesamtkosten von etwa 343,9 Millionen US-Dollar. Das Stimm- und Verfügungsrecht über die gesamte Position wird gemeinsam von Impactive Capital LP, Impactive Capital GP und den Mitgründern der Firma Lauren Taylor Wolfe und Christian Asmar gehalten; keine der Parteien berichtet über Alleinbefugnis. Die Berechnung des Besitzes basiert auf 34.535.278 ausstehenden VAC-Aktien zum 5. Mai 2025 laut dem neuesten Form 10-Q des Unternehmens.

Die Einreichung bestätigt, dass seit der vorherigen Änderung keine weiteren Transaktionen stattgefunden haben, außer denen, die in Anhang 1 zusammengefasst sind. Obwohl die Änderung keine spezifischen strategischen Absichten beschreibt, positioniert ein aktivistischer Anteil über 10 % den Investor typischerweise, um Einfluss auf Unternehmensstrategie, Vorstandszusammensetzung, Kapitalallokation oder M&A-Aktivitäten zu nehmen. Der beträchtliche Kaufpreis von Impactive und die schnelle Akkumulation deuten auf ein potenziell aktives Engagement mit dem Management hin. Die Einreichung enthält keine Hinweise auf Rechtsstreitigkeiten, regulatorische Angelegenheiten oder Finanzierungsbedingungen.

Wichtige Daten für Investoren:

Anteilsgröße: 4,0 Millionen Aktien (11,7 % der ausstehenden Aktien).
Akquisitionskosten: ca. 343,9 Millionen US-Dollar (durchschnittlicher Preis ≈ 85 US-Dollar pro Aktie).
Kontrolle: 100 % des Stimm- und Verfügungsrechts wird vom meldenden Kreis geteilt.
Auslösendes Ereignis für die Einreichung: 17. Juni 2025; Unterschriften datiert auf den 20. Juni 2025.

Der Einstieg eines bekannten aktivistischen Fonds mit einem zweistelligen Anteil wird wahrscheinlich die Aufmerksamkeit der Investoren auf VACs strategische Optionen lenken und könnte als Katalysator für eine Neubewertung des Aktienkurses dienen.

Positive

Impactive Capital now controls 11.7% of VAC, a level that provides meaningful influence over corporate decisions.
$343.9 million investment reflects strong conviction and may attract additional shareholder interest.
Activist involvement historically correlates with operational improvements and value-unlocking initiatives.

Negative

Potential for management distraction or conflict if activist agenda diverges from current strategy.
Activist pressure can lead to short-term volatility and increased proxy-related expenses.

Insights

TL;DR: 11.7% activist stake signals potential strategic pressure on VAC; likely positive for shareholders.

Impactive Capital’s accumulation above the 10% threshold gives it substantial leverage, including the ability to request board representation and call special meetings under some state statutes. The $343.9 million outlay underscores conviction and implies an average entry price well below VAC’s 52-week high, suggesting perceived valuation upside. Historical precedents show that Impactive often seeks operational improvements and capital-return optimisation. While the filing stops short of a formal plan, the sheer size of the stake and shared voting power indicate coordinated activism. Investors should watch for subsequent 13D amendments outlining proposals, potential proxy contests, or negotiated settlements with management. Near-term share sentiment is typically favourable when a credible activist surpasses 10%.

TL;DR: Stake confirms external confidence, but execution risk remains; impact moderately positive.

VAC’s timeshare model generates stable recurring cash flows yet trades at a discount to peers due to cyclical vacation-ownership concerns. An activist presence could accelerate balance-sheet optimisation (e.g., asset-light inventory financing) and sharpen focus on ROIC. However, potential friction with management may create headline volatility. The 11.7% block limits takeover risk owing to antipoison-pill thresholds, but increases probability of share repurchases or asset divestitures. Overall, I view the disclosure as a constructive catalyst, warranting closer monitoring of governance developments and any shifts in capital-allocation policy.

Dati chiave per gli investitori:

Dimensione della partecipazione: 4,0 milioni di azioni (11,7% del capitale in circolazione).
Costo di acquisizione: circa 343,9 milioni di dollari (costo medio ≈ 85 dollari per azione).
Controllo: il 100% del potere di voto e dispositivi è condiviso tra il gruppo di segnalazione.
Data dell'evento che ha determinato il deposito: 17 giugno 2025; firme datate 20 giugno 2025.

Datos clave para inversores:

Tamaño de la participación: 4,0 millones de acciones (11,7% del total en circulación).
Costo de adquisición: aproximadamente 343,9 millones de dólares (costo promedio ≈ 85 dólares por acción).
Control: el 100% del poder de voto y dispositiva se comparte entre el grupo reportante.
Fecha del evento que desencadenó la presentación: 17 de junio de 2025; firmas fechadas el 20 de junio de 2025.

Données clés pour les investisseurs :

Taille de la participation : 4,0 millions d'actions (11,7 % du capital en circulation).
Coût d'acquisition : environ 343,9 millions de dollars (coût moyen ≈ 85 dollars par action).
Contrôle : 100 % du pouvoir de vote et de disposition est partagé entre le groupe déclarant.
Date de l'événement déclencheur du dépôt : 17 juin 2025 ; signatures datées du 20 juin 2025.

Wichtige Daten für Investoren:

Anteilsgröße: 4,0 Millionen Aktien (11,7 % der ausstehenden Aktien).
Akquisitionskosten: ca. 343,9 Millionen US-Dollar (durchschnittlicher Preis ≈ 85 US-Dollar pro Aktie).
Kontrolle: 100 % des Stimm- und Verfügungsrechts wird vom meldenden Kreis geteilt.
Auslösendes Ereignis für die Einreichung: 17. Juni 2025; Unterschriften datiert auf den 20. Juni 2025.

06/20/2025 - 04:01 PM

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

MARRIOTT VACATIONS WORLDWIDE Corp

(Name of Issuer)

Common stock, par value $0.01 per share

(Title of Class of Securities)

57164Y107

(CUSIP Number)

CHRISTIAN ASMAR
IMPACTIVE CAPITAL LP, 450 West 14th Street, 12th Floor
New York, NY, 10014
212-218-8810

LAUREN TAYLOR WOLFE
IMPACTIVE CAPITAL LP, 450 West 14th Street, 12th Floor
New York, NY, 10014
212-218-8810

ANDREW FREEDMAN, ESQ.
OLSHAN FROME WOLOSKY LLP, 1325 Avenue of the Americas
New York, NY, 10019
212-451-2300

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/17/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

Item 1.

Security and Issuer

(a)

Title of Class of Securities:

Common stock, par value $0.01 per share

(b)

Name of Issuer:

MARRIOTT VACATIONS WORLDWIDE Corp

(c)

Address of Issuer's Principal Executive Offices:

7812 PALM PARKWAY, ORLANDO, FLORIDA , 32836.

Item 3.

Source and Amount of Funds or Other Consideration

Item 3 is hereby amended and restated as follows: The 4,045,984 Shares beneficially owned by the Impactive Funds were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases. The aggregate purchase price of the 4,045,984 Shares beneficially owned by the Impactive Funds is approximately $343,878,005, including brokerage commissions.

Item 5.

Interest in Securities of the Issuer

(a)

Item 5(a) is hereby amended and restated as follows: The aggregate percentage of Shares reported owned by each person named herein is based upon 34,535,278 Shares outstanding as of May 5, 2025, which is the total number of Shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 8, 2025. A. Impactive Capital As of the date hereof, Impactive Capital beneficially owned 4,045,984 Shares held by the Impactive Funds. Percentage: Approximately 11.7% B. Impactive Capital GP As the general partner of Impactive Capital, Impactive Capital GP may be deemed to beneficially own the 4,045,984 Shares held by the Impactive Funds. Percentage: Approximately 11.7% C. Ms. Taylor Wolfe and Mr. Asmar Each of Ms. Taylor Wolfe and Mr. Asmar, as Managing Members of Impactive Capital GP, may be deemed to beneficially own the 4,045,984 Shares held by the Impactive Funds. Percentage: Approximately 11.7%

(b)

Item 5(b) is hereby amended and restated as follows: A. Impactive Capital 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 4,045,984 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 4,045,984 B. Impactive Capital GP 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 4,045,984 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 4,045,984 C. Ms. Taylor Wolfe and Mr. Asmar 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 4,045,984 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 4,045,984

(c)

Item 5(c) is hereby amended and restated as follows: A. Impactive Capital The transactions in the Shares by Impactive Capital through the Impactive Funds since the filing of Amendment No. 2 to the Schedule 13D are set forth in Exhibit 1 and are incorporated herein by reference. B. Impactive Capital GP Impactive Capital GP has not entered into any transactions in the Shares since the filing of Amendment No. 2 to the Schedule 13D. The transactions in the Shares by Impactive Capital through the Impactive Funds since the filing of Amendment No. 2 to the Schedule 13D are set forth in Exhibit 1 and are incorporated herein by reference. C. Ms. Taylor Wolfe and Mr. Asmar Each of Ms. Taylor Wolfe and Mr. Asmar have not entered into any transactions in the Shares since the filing of Amendment No. 2 to the Schedule 13D. The transactions in the Shares by Impactive Capital through the Impactive Funds since the filing of Amendment No. 2 to the Schedule 13D are set forth in Exhibit 1 and are incorporated herein by reference.

Item 7.

Material to be Filed as Exhibits.

Item 7 is hereby amended to add the following exhibit: 1 - Transactions in Securities

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.

Impactive Capital LP

Signature:	/s/ Lauren Taylor Wolfe
Name/Title:	Lauren Taylor Wolfe, Managing Member of Impactive Capital LLC, its General Partner
Date:	06/20/2025

Impactive Capital LLC

Signature:	/s/ Lauren Taylor Wolfe
Name/Title:	Lauren Taylor Wolfe, Managing Member
Date:	06/20/2025

Wolfe Lauren Taylor

Signature:	/s/ Lauren Taylor Wolfe
Name/Title:	Lauren Taylor Wolfe
Date:	06/20/2025

Asmar Christian

Signature:	/s/ Christian Asmar
Name/Title:	Christian Asmar
Date:	06/20/2025

Source: View Original Filing on SEC EDGAR

FAQ

How many Marriott Vacations Worldwide (VAC) shares does Impactive Capital own?

Impactive Capital reports beneficial ownership of 4,045,984 VAC shares, representing 11.7% of shares outstanding.

What was the total purchase cost of Impactive Capital's VAC stake?

The aggregate purchase price disclosed is approximately $343.9 million, including brokerage commissions.

Does Impactive Capital have sole or shared voting power over VAC shares?

All voting and dispositive authority is shared; none of the reporting persons has sole power.

When did the ownership change that triggered this Schedule 13D/A occur?

The event date requiring the filing is 17 June 2025, with the amendment signed on 20 June 2025.

What percentage of VAC’s outstanding shares is represented by the stake?

The filing states the position equals approximately 11.7% of the 34,535,278 shares outstanding as of 5 May 2025.

Why is activist involvement considered important for VAC investors?

Activists like Impactive can push for strategic changes, capital return, or governance reforms that may enhance shareholder value.

[SCHEDULE 13D/A] MARRIOTT VACATIONS WORLDWIDE CORPORATION SEC Filing

Insights

FAQ

How many Marriott Vacations Worldwide (VAC) shares does Impactive Capital own?

What was the total purchase cost of Impactive Capital's VAC stake?

Does Impactive Capital have sole or shared voting power over VAC shares?

When did the ownership change that triggered this Schedule 13D/A occur?

What percentage of VAC’s outstanding shares is represented by the stake?

Why is activist involvement considered important for VAC investors?

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[SCHEDULE 13D/A] MARRIOTT VACATIONS WORLDWIDE CORPORATION SEC Filing

Insights

Activist Investing Specialist positive

Portfolio Manager, Lodging & Leisure positive

FAQ

How many Marriott Vacations Worldwide (VAC) shares does Impactive Capital own?

What was the total purchase cost of Impactive Capital's VAC stake?

Does Impactive Capital have sole or shared voting power over VAC shares?

When did the ownership change that triggered this Schedule 13D/A occur?

What percentage of VAC’s outstanding shares is represented by the stake?

Why is activist involvement considered important for VAC investors?

NYSE:VAC

VAC Rankings

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