Nuance Investments, LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 8, 2024), Nuance Investments, LLC reported 47 stock positions worth $3.0 billion. Its top holding was Dentsply Sirona (XRAY) at 9.9% of the portfolio, followed by Qiagen (QGEN, 6.9%) and Henry Schein (HSIC, 5.6%). Compared with Q2 2024, it opened 4 new positions, sold out of 5, added to 10 and reduced 33. The biggest buy was Estee Lauder Companies Class A (EL, shares +1127%) and the biggest sale 3M (MMM, shares −66%).

Most Recent 13F
Q2 2026
Location
Kansas City, MO
CIK
0001473182
Portfolio Value
$3.0B (Q3 2024)
SEC Filing
0001085146-24-005465 ↗ filed Nov 8, 2024

Holdings Value

0$1.0B$2.0B$3.0B$4.0B Q1 2024: $3.8B Q1 2024 Q2 2024: $3.3B Q2 2024 Q3 2024: $3.0B $3.0B Q3 2024 Q4 2024: $2.5B Q4 2024 Q1 2025: $1.5B Q1 2025 Q2 2025: $1.3B Q2 2025 Q3 2025: $982.1M Q3 2025 Q4 2025: $907.6M Q4 2025 Q1 2026: $717.1M Q1 2026 Q2 2026: $587.7M Q2 2026

Holdings 47 stocks · $3.0B
XRAY Dentsply Sirona Inc. 9.88% 10,837,884 $293.3M Reduce -0.4%
QGEN Qiagen NV 6.90% 4,492,954 $204.7M Reduce -14.8%
HSIC Henry Schein Inc. 5.59% 2,278,081 $166.1M Add +22.3%
NTRS Northern Trust Corp. 5.54% 1,826,920 $164.5M Reduce -19.9%
WERN Werner Enterprises Inc. 5.13% 3,943,893 $152.2M Add +24.5%
NVST Envista Holdings Corp. 4.89% 7,346,534 $145.2M Add +4.4%
CLX Clorox Company 4.81% 875,994 $142.7M Reduce -45.2%
GL Globe Life Inc. 4.06% 1,138,978 $120.6M Add +155.6%
MMM 3M Co. 4.04% 878,688 $120.0M Reduce -66.1%
SOLV Solventum Corp. 3.85% 1,639,353 $114.3M Reduce -25.2%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 3.56% 1,059,080 $105.6M Add +1127.5%
KMB Kimberly-Clark Corp. 3.00% 626,401 $89.1M Reduce -30.8%
CWT California Water Service Grp 2.98% 1,633,693 $88.6M Reduce -38.9%
IDA Idacorp Inc. 2.75% 793,134 $81.8M Reduce -28.8%
ROG Rogers Corp. 2.44% 639,936 $72.3M Add +70.2%
HTO H2O America filed as SJW GROUP 2.36% 1,204,519 $70.0M Reduce -23.1%
RGA Reinsurance Group of America 1.83% 249,053 $54.3M Reduce -43.2%
KNX Knight-Swift Transportation 1.69% 929,083 $50.1M Add +74.5%
MKC McCormick & Co.-Non VTG SHRS 1.67% 601,334 $49.5M Reduce -42.9%
CVGW Calavo Growers Inc. 1.57% 1,636,969 $46.7M Add +25.1%
MRTN Marten Transport Ltd. 1.57% 2,627,111 $46.5M Add +13.0%
SRCL Stericycle Inc. 1.44% 699,924 $42.7M Add +9.2%
NOC Northrop Grumman Corp. 1.42% 79,953 $42.2M Reduce -21.8%
GGG Graco Inc. 1.35% 456,680 $40.0M Reduce -0.7%
MWA Mueller Water Products Inc. Class A 1.34% 1,833,217 $39.8M Reduce -64.8%
ATR Aptargroup Inc. 1.32% 244,637 $39.2M Reduce -20.8%
AVO Mission Produce Inc. 1.26% 2,922,979 $37.5M Reduce -3.1%
AVA Avista Corp. 1.12% 858,376 $33.3M Reduce -26.9%
POR Portland General Electric Co. 1.12% 694,282 $33.3M Reduce -26.3%
IEX Idex Corp. 1.00% 138,893 $29.8M Reduce -3.1%
TTC Toro Co. 0.98% 336,057 $29.1M New
LNN Lindsay Corp. 0.97% 230,779 $28.8M Reduce -14.5%
EQC Equity Commonwealth 0.76% 1,132,104 $22.5M Reduce -20.3%
WAT Waters Corp. 0.71% 58,223 $21.0M Reduce -32.2%
LUV Southwest Airlines Co. 0.70% 701,400 $20.8M Reduce -7.0%
DOC Healthpeak Properties Inc. 0.58% 757,455 $17.3M Reduce -37.7%
THRM Gentherm Inc. 0.56% 359,924 $16.8M New
AWK American Water Works Co. Inc. 0.56% 114,476 $16.7M Reduce -81.5%
TEL Te Connectivity PLC 0.56% 108,940 $16.5M Reduce -16.5%
HOLX Hologic Inc. 0.45% 164,683 $13.4M Reduce -47.4%
TOWN Towne Bank 0.34% 301,453 $10.0M Reduce -58.3%
SYY Sysco Corp. 0.30% 113,299 $8.8M New
KVUE Kenvue Inc. 0.30% 379,568 $8.8M Reduce -67.2%
ROK Rockwell Automation Inc. 0.30% 32,680 $8.8M New
INDB Independent Bank Corp. 0.22% 108,821 $6.4M Reduce -76.0%
TMO Thermo Fisher Scientific Inc. 0.15% 7,400 $4.6M Reduce -42.4%
IWS iShares Russell Mid-Cap Valu 0.08% 17,811 $2.3M Reduce -63.7%
Other holdings (1): bonds, preferreds, convertibles and warrants · $9.0M (not counted above)
SecurityClassShares / PrincipalValueChange
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 200,498$9.0MNew

Total filed on the 13F, all lines: $3.0B.

Portfolio Sells Q2 2024 → Q3 2024
MMM 3M Co. Reduce -66.1% 4.04% −4.06
AWK American Water Works Co. Inc. Reduce -81.5% 0.56% −1.88
CLX Clorox Company Reduce -45.2% 4.81% −1.85
MWA Mueller Water Products Inc. Class A Reduce -64.8% 1.34% −1.51
ILMN Illumina Inc. Sold out 0.00% −1.23
CWT California Water Service Grp Reduce -38.9% 2.98% −0.98
RGA Reinsurance Group of America Reduce -43.2% 1.83% −0.92
KMB Kimberly-Clark Corp. Reduce -30.8% 3.00% −0.82
LMT Lockheed Martin Corp. Sold out 0.00% −0.78
HR Healthcare Realty Trust Inc. Sold out 0.00% −0.73
MKC McCormick & Co.-Non VTG SHRS Reduce -42.9% 1.67% −0.61
CALM Cal-Maine Foods Inc. Sold out 0.00% −0.61
INDB Independent Bank Corp. Reduce -76.0% 0.22% −0.48
IDA Idacorp Inc. Reduce -28.8% 2.75% −0.42
KVUE Kenvue Inc. Reduce -67.2% 0.30% −0.35
ALB Albemarle Corp. Sold out 0.00% −0.33
NTRS Northern Trust Corp. Reduce -19.9% 5.54% −0.32
TOWN Towne Bank Reduce -58.3% 0.34% −0.27
HOLX Hologic Inc. Reduce -47.4% 0.45% −0.26
HTO H2O America Reduce -23.1% 2.36% −0.24
DOC Healthpeak Properties Inc. Reduce -37.7% 0.58% −0.14
POR Portland General Electric Co. Reduce -26.3% 1.12% −0.12
AVA Avista Corp. Reduce -26.9% 1.12% −0.12
IWS iShares Russell Mid-Cap Valu Reduce -63.7% 0.08% −0.10
EQC Equity Commonwealth Reduce -20.3% 0.76% −0.08
TMO Thermo Fisher Scientific Inc. Reduce -42.4% 0.15% −0.06
WAT Waters Corp. Reduce -32.2% 0.71% −0.06
LNN Lindsay Corp. Reduce -14.5% 0.97% −0.04
TEL Te Connectivity PLC Reduce -16.5% 0.56% −0.04
ATR Aptargroup Inc. Reduce -20.8% 1.32% −0.01
LUV Southwest Airlines Co. Reduce -7.0% 0.70% +0.04
NOC Northrop Grumman Corp. Reduce -21.8% 1.42% +0.06
IEX Idex Corp. Reduce -3.1% 1.00% +0.12
GGG Graco Inc. Reduce -0.7% 1.35% +0.23
QGEN Qiagen NV Reduce -14.8% 6.90% +0.28
SOLV Solventum Corp. Reduce -25.2% 3.85% +0.31
AVO Mission Produce Inc. Reduce -3.1% 1.26% +0.35
XRAY Dentsply Sirona Inc. Reduce -0.4% 9.88% +1.60

Portfolio Buys Q2 2024 → Q3 2024
EL Estee Lauder Companies Class A Add +1127.5% 3.56% +3.28
GL Globe Life Inc. Add +155.6% 4.06% +2.94
HSIC Henry Schein Inc. Add +22.3% 5.59% +1.95
WERN Werner Enterprises Inc. Add +24.5% 5.13% +1.66
NVST Envista Holdings Corp. Add +4.4% 4.89% +1.31
ROG Rogers Corp. Add +70.2% 2.44% +1.05
TTC Toro Co. New 0.98% +0.98
KNX Knight-Swift Transportation Add +74.5% 1.69% +0.88
CVGW Calavo Growers Inc. Add +25.1% 1.57% +0.67
THRM Gentherm Inc. New 0.56% +0.56
SRCL Stericycle Inc. Add +9.2% 1.44% +0.30
SYY Sysco Corp. New 0.30% +0.30
ROK Rockwell Automation Inc. New 0.30% +0.30
MRTN Marten Transport Ltd. Add +13.0% 1.57% +0.26

Notes & Other Activity Q2 2024 → Q3 2024
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A New 200,498 $9.0M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 52$587.7MQGEN, CWT, CLX, TMHC, SOLV
Q1 2026 43$717.1MCWT, MRTN, QGEN, CLX, WERN
Q4 2025 45$907.6MCLX, CWT, MRTN, WERN, AHL
Q3 2025 46$982.1MCLX, CWT, MRTN, INFA, WERN
Q2 2025 46$1.3BCLX, HOLX, EL, CWT, MRTN
Q1 2025 48$1.5BEL, XRAY, QGEN, CWT, WERN
Q4 2024 52$2.5BXRAY, EL, QGEN, GL, HSIC
Q3 2024 47$3.0BXRAY, QGEN, HSIC, NTRS, WERN
Q2 2024 48$3.3BXRAY, MMM, CLX, QGEN, NTRS
Q1 2024 49$3.8BMMM, XRAY, KMB, NTRS, QGEN