SCHEDULE: FMR LLC Amends Camping World Holdings Stake

FMR LLC and Abigail P. Johnson have filed an amended Schedule 13G, disclosing a 2.7% beneficial ownership in Camping World Holdings Inc.'s Class A Common Stock as of June 30, 2025.

Summary

• FMR LLC and Abigail P. Johnson jointly filed an Amendment No. 2 to Schedule 13G regarding their beneficial ownership of Camping World Holdings Inc. Class A Common Stock.
• As of June 30, 2025, FMR LLC and Abigail P. Johnson beneficially own an aggregate of 1,671,668.08 shares of Class A Common Stock.
• This aggregate amount represents 2.7% of the total outstanding Class A Common Stock.
• FMR LLC holds sole voting power over 1,665,871.00 shares and sole dispositive power over 1,671,668.08 shares.
• Abigail P. Johnson holds sole dispositive power over 1,671,668.08 shares, with no sole or shared voting power.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.
• FMR LLC is classified as a Parent Holding Company (HC), and Abigail P. Johnson is classified as an Individual (IN).
• FMR LLC's subsidiaries involved include FIAM LLC, Fidelity Institutional Asset Management Trust Company, Fidelity Management & Research Company LLC, and Strategic Advisers LLC.

Sentiment

Score: 5

Explanation: The filing is a neutral, factual disclosure of beneficial ownership. It does not contain positive or negative performance metrics, nor does it signal any significant strategic shifts or activist intentions. The sentiment is purely informational.

Positives

• The filing indicates a continued passive investment by a major institutional investor (FMR LLC), suggesting confidence in Camping World Holdings Inc. as a long-term holding.
• The beneficial ownership is below the 5% threshold, indicating a non-activist, portfolio investment approach.

Negatives

• The filing does not indicate an increase in ownership, which might be interpreted as a neutral or slightly less bullish stance compared to an increased stake.

Risks

• The Johnson family, including Abigail P. Johnson, may be deemed a controlling group with respect to FMR LLC due to their ownership of Series B voting common shares and a shareholders' voting agreement, which could concentrate decision-making power within FMR LLC.

Future Outlook

The filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding Camping World Holdings Inc.'s future performance or FMR LLC's future investment intentions beyond the passive nature of the holding.

Management Comments

• Richard Bourgelas, Duly authorized under Power of Attorney, certified that the securities were acquired and are held in the ordinary course of business and not for the purpose of or with the effect of changing or influencing the control of the issuer.

Industry Context

This Schedule 13G filing is a routine disclosure by a large institutional investor, FMR LLC (Fidelity), indicating its passive ownership stake in Camping World Holdings Inc. Such filings provide transparency into significant ownership positions in publicly traded companies, which is standard practice in the financial industry. It reflects a portfolio allocation decision rather than an active strategic move to influence the company's operations.

Comparison to Industry Standards

• This filing is a standard Schedule 13G, which is used by passive investors holding less than 20% of a company's shares and not seeking to influence control. The 2.7% stake is typical for a large asset manager like FMR LLC, which manages numerous funds and client portfolios, often holding small, diversified positions across many companies.
• The certification that the shares are held in the ordinary course of business aligns with the typical passive investment strategy of large mutual fund complexes and asset managers, distinguishing it from activist investor filings (Schedule 13D) that often signal intentions to engage with management or seek board representation.

Corporate Governance

Stakeholder Impact

• Shareholders of Camping World Holdings Inc. gain transparency into the ownership structure, knowing that a significant institutional investor holds a passive stake.
• Investment professionals can use this information to track institutional ownership trends and assess investor confidence in Camping World Holdings Inc.

Next Steps

• FMR LLC and Abigail P. Johnson will continue to monitor their beneficial ownership in Camping World Holdings Inc. and file future amendments to Schedule 13G as required by SEC regulations if their ownership percentage changes significantly (e.g., crosses a 1% threshold up or down, or if their intent changes).

Key Dates

Keywords

Camping World Holdings, CWH, FMR LLC, Abigail P. Johnson, Schedule 13G, Beneficial Ownership, Institutional Investor, Class A Common Stock, SEC Filing, Investment Management