HG Vora Capital Management, LLC

Background

HG Vora Capital Management, LLC is a New York-based hedge fund founded by Parag Vora. The firm operates with a concentrated, value-oriented approach, taking large positions in what it identifies as undervalued or mispriced equities — often in sectors that have fallen out of favor with the broader market. HG Vora is not a household name among retail investors, and it does not manage the kind of assets that land it in mega-manager territory. What it does have is a verifiable one-year return of +97.4% and an alpha of +79.7% against the S&P 500 — figures that place it among the most striking performers in recent 13F disclosure data, regardless of firm size.

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Current Portfolio Signal

The portfolio's construction is immediately striking. Seven disclosed positions account for the entire disclosed book, and the top four alone — PENN (44.7%), FAF (21.3%), UGI 5 06/01/28 (11.0%), and PRKS (10.3%) — represent roughly 87% of total holdings. This is not diversification; it is a deliberate concentration bet. PENN Entertainment, a gaming and interactive entertainment operator, sits at nearly half the portfolio, a weight that would be unthinkable in any index-tracking vehicle. First American Financial (FAF), a title insurance…