SCHEDULE: H Partners Management Reduces Harley-Davidson Stake to 4.7%

H Partners Management and Rehan Jaffer disclosed a 4.7% beneficial ownership stake in Harley-Davidson, Inc. common stock as of September 30, 2025.

Summary

• H Partners Management, LLC and Rehan Jaffer reported beneficial ownership of an aggregate of 5,750,000 shares of Harley-Davidson, Inc. common stock.
• This stake represents approximately 4.7% of the outstanding shares, based on 121,552,837 shares outstanding as of July 30, 2025.
• The reporting persons share both voting and dispositive power over all 5,750,000 shares.
• The filing is an Amendment No. 2 to a previous Schedule 13G, indicating a change in their reported ownership.
• The reporting persons explicitly state that the securities were not acquired or held for the purpose of changing or influencing control of the issuer, other than activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of beneficial ownership, indicating a slight reduction in stake to below 5%. While H Partners Management remains a significant shareholder, the reduction itself is neutral to slightly negative, but the explicit disclaimer of activist intent (beyond potential nominations) keeps the overall sentiment neutral.

Positives

• H Partners Management, a known investment firm, maintains a significant stake in Harley-Davidson, indicating continued interest in the company.

Negatives

• The reduction of the stake to 4.7% (from a previous holding above 5%, implied by 'Amendment No. 2' and the current holding being below 5%) could be interpreted as a decrease in conviction or a portfolio rebalancing by a significant institutional investor.

Risks

• The reporting persons explicitly disclaim intent to influence control, except for potential nominations under Rule 14a-11, which could still lead to board-level changes or shareholder proposals.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: The disclosure of a significant, though reduced, stake by H Partners Management could influence investor perception and potentially signal a re-evaluation of the company's prospects by a notable institutional investor.

Key Dates

Recommendation

The Schedule 13G Amendment No. 2 indicates H Partners Management and Rehan Jaffer now hold 4.7% of Harley-Davidson, Inc. common stock. This represents a reduction from a previous stake that was above 5% (as implied by the filing being an amendment and the current holding being below 5%). While the firm remains a notable shareholder, the decrease in ownership below the 5% threshold could suggest a rebalancing of their portfolio or a slight tempering of their conviction. However, the explicit disclaimer against influencing control (beyond potential board nominations) suggests no immediate activist pressure. Without further context on the reasons for the reduction or the firm's current outlook, a 'hold' recommendation is appropriate, advising investors to monitor future filings and company performance for clearer directional signals.

Keywords

Harley-Davidson, H Partners Management, Rehan Jaffer, Beneficial Ownership, Schedule 13G, Common Stock, Investment, Stake, Shareholder