HG Vora Reveals 2025 Stock Investments

HG Vora Capital Management, founded in 2009 by Parag Vora, is a New York-based hedge fund with a focus on event-driven, credit, and distressed special situations. With over $5 billion in assets under management, the fund has scaled down its equity portfolio in recent years, possibly due to a more attractive debt market driven by higher interest rates. As of the end of 2024, HG Vora's portfolio includes 10 companies, with notable investments in First American Financial Corp, Ryder System, Driven Brands Holdings, MGM Resorts International, and Caesars Entertainment. Despite not being an activist fund, HG Vora has interacted with the management of its portfolio companies. The fund's strategic shift to prioritize safer first-lien debt for equity-like returns was highlighted at the Global Alts 2023 event.