Which superinvestors hold Antero Resources Corp (AR)?

Per the latest SEC 13F filings, 3 superinvestors hold Antero Resources Corp (AR): David Einhorn, Ray Dalio, Arnold Van Den Berg. Combined value held is about $108.6M, with David Einhorn the largest holder.

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Antero Resources Corp

ARAbove valueExpectations · demanding

Held by 3 superinvestors.

Price$38.53

Holders3

Total value$108.6M

SEC 10-K · fundamentals

Business quality

as of 2025-12-31

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth: +22.0%
Net margin: 12.8%
ROE: 8.9%
FCF margin: —

Revenue $3.49B → $5.28B · 6y

What makes a business high quality

Valuation · value band

Above fair value

$21/ sh · growth-anchored intrinsic value

margin of safety

fair value

above fair value

$39

cheaperpricier

Zero-growth floor

$27

Central IV

$21

Optimistic top

$27

Antero Resources Corp (AR): A conservative value band $27 / sh (zero-growth floor to growth-capped optimistic top); central read about $21. Today’s price sits above that band (price $39 as of 2026-08-26).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Revenue growth 1% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 10.9% · Zero-growth downside $27

Price as of 2026-08-26 · yahoo · DGS10 4.6% @ 2026-08-25.

Method & numbers

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $17.76 – $24.11 · Greenwald zero-growth $26.77 · zero-growth base $26.77 · reproduction $26.77

Moat Below asset base · terminal value 37% of present value · owner-earnings yield 6% vs 10Y 4.6%.

Graham earnings-power value (normalized NOPAT)$12.28 – $16.74 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex unavailable → degraded to the v1 simplification (maintenance capex = D&A, so the depreciation add-back nets to zero). Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value$19.07 – $23.17 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9.3–11.3% band (9–11% base + 0.3pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 0.3pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 3.6 years of owner earnings, adding 0.3pp of cost-of-equity risk premium.

Reproduction value = tangible net assets $8.32B = $26.77 / sh. Total book value (shareholders' equity ÷ diluted shares); intangibles not separated — goodwill/intangibles unavailable this period.

Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. Dual reproduction test unavailable (intangibles not separated). A directional reading, not a verdict.

Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.

Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Baseline 9%–11%, net debt ≈ 3.6 years of owner earnings → +0.3pp cost-of-equity premium → effective 9.3%–11.3%.

Owner-earnings DCF: growth g₁ 1% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 9.45%–12.31% (DGS10 +4.5% to a 12% strict end, each +0.31pp for leverage premium, as of 2026-08-25). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about 12.4% a year in owner-earnings for the next few years. Revenue actually grew 4.2% a year.

The market wants it well ahead of its own track record.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

3 holders · $108.6M combined · this quarter +0 opened / -1 exited

This quarter2 added1 trimmed1 exited

Holders 4 → 3 · last 8q

Investor	Value	Shares	Weight (prev→now)
David Einhorn	$55.3M	1,574,140	1.1% → 1.4% ▲
Ray Dalio	$53.0M	1,507,657	0.0% → 0.2% ▲
Arnold Van Den Berg	$268,716	7,647	0.1% → 0.1% ▼

David Einhorn
Value$55.3MWeight (prev→now)1.1% → 1.4% ▲
Ray Dalio
Value$53.0MWeight (prev→now)0.0% → 0.2% ▲
Arnold Van Den Berg
Value$268,716Weight (prev→now)0.1% → 0.1% ▼

Exited this quarter (1)

Lee Ainslie

SEC 13F · notes

Written summary

Antero Resources Corp (AR) is held by 3 of the superinvestors tracked on Compounder, with a combined $108.6M in reported 13F value. The largest position belongs to David Einhorn, where it makes up 1.4% of the portfolio.

Other notable holders by value include Ray Dalio (0.2% of its book) and Arnold Van Den Berg (0.1% of its book).

Over the latest quarter, 0 of the tracked filers opened a new position in AR, 2 added to existing ones, 1 trimmed, and 1 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Antero Resources Corp (AR) also commonly hold →

AR's price is not below its conservative value band. See current strike-zone stocks

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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