Nuance Investments, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Nuance Investments, LLC reported 48 stock positions worth $1.5 billion. Its top holding was Estee Lauder Companies Class A (EL) at 10.6% of the portfolio, followed by Dentsply Sirona (XRAY, 8.8%) and Qiagen (QGEN, 7.3%). Compared with Q4 2024, it opened 5 new positions, sold out of 9, added to 9 and reduced 34. The biggest buy was Hologic (HOLX, shares +624%) and the biggest sale 3M (MMM, shares −100%).

Most Recent 13F
Q2 2026
Location
Kansas City, MO
CIK
0001473182
Portfolio Value
$1.5B (Q1 2025)
SEC Filing
0001085146-25-002997 ↗ filed May 13, 2025

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 Q3 2024 Q4 2024: $2.5B Q4 2024 Q1 2025: $1.5B $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 48 stocks · $1.5B
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 10.63% 2,447,994 $161.6M Reduce -20.8%
XRAY Dentsply Sirona Inc. 8.83% 8,987,359 $134.3M Reduce -33.6%
QGEN Qiagen N.V. 7.34% 2,778,349 $111.6M Reduce -31.0%
CWT California Water Service Grp 6.43% 2,017,511 $97.8M Add +35.4%
WERN Werner Enterprises Inc. 5.46% 2,833,654 $83.0M Reduce -21.6%
GL Globe Life Inc. 4.81% 554,521 $73.0M Reduce -55.1%
MRTN Marten Transport Ltd. 4.73% 5,237,442 $71.9M Add +63.8%
HOLX Hologic Inc. 4.39% 1,081,333 $66.8M Add +623.7%
HTO H2O America filed as SJW GROUP 4.20% 1,167,968 $63.9M Reduce -7.0%
HSIC Henry Schein Inc. 4.10% 910,463 $62.4M Reduce -53.8%
SOLV Solventum Corp. 3.50% 700,370 $53.3M Reduce -48.4%
NTRS Northern Trust Corp. 3.05% 469,410 $46.3M Reduce -49.3%
CLX Clorox Company 2.91% 300,267 $44.2M Reduce -16.4%
CVGW Calavo Growers Inc. 2.79% 1,770,251 $42.5M Add +6.4%
ROG Rogers Corp. 2.74% 617,347 $41.7M Reduce -23.8%
PYCR Paycor HCM Inc. 2.07% 1,401,983 $31.5M New
NVST Envista Holdings Corp. 1.66% 1,464,372 $25.3M Reduce -69.5%
ATR Aptargroup Inc. 1.41% 144,710 $21.5M Add +69.0%
AWK American Water Works Co. Inc. 1.39% 143,054 $21.1M Reduce -14.6%
AVO Mission Produce Inc. 1.34% 1,939,257 $20.3M Reduce -0.8%
TTC Toro Co. 1.22% 255,292 $18.6M Reduce -33.9%
IEX Idex Corp. 1.13% 95,280 $17.2M Reduce -12.8%
RGA Reinsurance Group of America 1.08% 83,430 $16.4M Reduce -49.9%
KMB Kimberly-Clark Corp. 1.03% 110,595 $15.7M Reduce -78.3%
AMAT Applied Materials Inc. 0.97% 101,811 $14.8M Add +135.9%
BDX Becton Dickinson and Co. 0.96% 63,551 $14.6M Add +98.3%
KNX Knight-Swift Transportation 0.95% 330,596 $14.4M Reduce -70.4%
NOC Northrop Grumman Corp. 0.94% 27,996 $14.3M Reduce -69.1%
IWS iShares Russell Mid-Cap Valu 0.80% 97,008 $12.2M Reduce -24.8%
GGG Graco Inc. 0.56% 102,794 $8.6M Reduce -69.3%
POR Portland General Electric Co. 0.56% 192,295 $8.6M Reduce -71.1%
LNN Lindsay Corp. 0.56% 66,727 $8.4M Reduce -60.9%
NKE Nike Inc. Class B 0.55% 132,438 $8.4M Add +45.9%
A Agilent Technologies Inc. 0.55% 71,070 $8.3M New
LMT Lockheed Martin Corp. 0.53% 18,187 $8.1M New
MTB M & T Bank Corp. filed as M & T BK CORP 0.40% 34,048 $6.1M New
TGT Target Corp. 0.40% 57,886 $6.0M Reduce -47.8%
CNH CNH Industrial NV 0.40% 491,384 $6.0M Reduce -64.9%
NDSN Nordson Corp. 0.40% 29,866 $6.0M New
EG Everest Group Ltd. 0.39% 16,404 $6.0M Reduce -17.9%
THRM Gentherm Inc. 0.37% 207,667 $5.6M Reduce -41.7%
IDA Idacorp Inc. 0.32% 42,101 $4.9M Reduce -89.0%
ARE Alexandria Real Estate Equit 0.29% 47,030 $4.4M Reduce -33.4%
DOC Healthpeak Properties Inc. 0.29% 215,124 $4.3M Reduce -68.3%
INDB Independent Bank Corp. 0.27% 64,800 $4.1M Reduce -36.8%
TMO Thermo Fisher Scientific Inc. 0.22% 6,582 $3.3M Reduce -17.8%
IJJ iShares S&P Mid-Cap 400 Valu 0.04% 5,247 $628K Add +91.8%
MMM 3M Co. 0.02% 1,886 $277K Reduce -99.7%
Other holdings (1): bonds, preferreds, convertibles and warrants · $2.6M (not counted above)
SecurityClassShares / PrincipalValueChange
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 72,164$2.6MReduce -56.4%

Total filed on the 13F, all lines: $1.5B.

Portfolio Sells Q4 2024 → Q1 2025
MMM 3M Co. Reduce -99.7% 0.02% −3.04
NVST Envista Holdings Corp. Reduce -69.5% 1.66% −2.09
KMB Kimberly-Clark Corp. Reduce -78.3% 1.03% −1.67
XRAY Dentsply Sirona Inc. Reduce -33.6% 8.83% −1.57
KNX Knight-Swift Transportation Reduce -70.4% 0.95% −1.45
HSIC Henry Schein Inc. Reduce -53.8% 4.10% −1.41
IDA Idacorp Inc. Reduce -89.0% 0.32% −1.38
AVA Avista Corp. Sold out 0.00% −1.16
MKC McCormick & Co.-Non VTG SHRS Sold out 0.00% −1.12
NTRS Northern Trust Corp. Reduce -49.3% 3.05% −0.80
NOC Northrop Grumman Corp. Reduce -69.1% 0.94% −0.78
GL Globe Life Inc. Reduce -55.1% 4.81% −0.77
POR Portland General Electric Co. Reduce -71.1% 0.56% −0.61
ROG Rogers Corp. Reduce -23.8% 2.74% −0.59
GGG Graco Inc. Reduce -69.3% 0.56% −0.58
RGA Reinsurance Group of America Reduce -49.9% 1.08% −0.36
LRCX Lam Research Corp. Sold out 0.00% −0.30
MWA Mueller Water Products Inc. Class A Sold out 0.00% −0.30
LUV Southwest Airlines Co. Sold out 0.00% −0.30
JBHT Hunt (jb) Transprt SVCS Inc. Sold out 0.00% −0.29
TEL Te Connectivity PLC Sold out 0.00% −0.28
DOC Healthpeak Properties Inc. Reduce -68.3% 0.29% −0.27
ST Sensata Technologies Holdplc Sold out 0.00% −0.27
LNN Lindsay Corp. Reduce -60.9% 0.56% −0.26
PII Polaris Inc. Sold out 0.00% −0.26
CNH CNH Industrial NV Reduce -64.9% 0.40% −0.25
THRM Gentherm Inc. Reduce -41.7% 0.37% −0.21
TGT Target Corp. Reduce -47.8% 0.40% −0.21
QGEN Qiagen N.V. Reduce -31.0% 7.34% −0.13
SOLV Solventum Corp. Reduce -48.4% 3.50% −0.12
TTC Toro Co. Reduce -33.9% 1.22% −0.03
INDB Independent Bank Corp. Reduce -36.8% 0.27% +0.00
ARE Alexandria Real Estate Equit Reduce -33.4% 0.29% +0.01
TMO Thermo Fisher Scientific Inc. Reduce -17.8% 0.22% +0.05
EG Everest Group Ltd. Reduce -17.9% 0.39% +0.10
IWS iShares Russell Mid-Cap Valu Reduce -24.8% 0.80% +0.13
AVO Mission Produce Inc. Reduce -0.8% 1.34% +0.20
IEX Idex Corp. Reduce -12.8% 1.13% +0.21
WERN Werner Enterprises Inc. Reduce -21.6% 5.46% +0.21
AWK American Water Works Co. Inc. Reduce -14.6% 1.39% +0.54
CLX Clorox Company Reduce -16.4% 2.91% +0.55
EL Estee Lauder Companies Class A Reduce -20.8% 10.63% +1.24
HTO H2O America Reduce -7.0% 4.20% +1.70

Portfolio Buys Q4 2024 → Q1 2025
HOLX Hologic Inc. Add +623.7% 4.39% +3.96
CWT California Water Service Grp Add +35.4% 6.43% +3.70
MRTN Marten Transport Ltd. Add +63.8% 4.73% +2.71
PYCR Paycor HCM Inc. New 2.07% +2.07
CVGW Calavo Growers Inc. Add +6.4% 2.79% +1.08
ATR Aptargroup Inc. Add +69.0% 1.41% +0.87
AMAT Applied Materials Inc. Add +135.9% 0.97% +0.69
BDX Becton Dickinson and Co. Add +98.3% 0.96% +0.66
A Agilent Technologies Inc. New 0.55% +0.55
LMT Lockheed Martin Corp. New 0.53% +0.53
MTB M & T Bank Corp. New 0.40% +0.40
NDSN Nordson Corp. New 0.40% +0.40
NKE Nike Inc. Class B Add +45.9% 0.55% +0.28
IJJ iShares S&P Mid-Cap 400 Valu Add +91.8% 0.04% +0.03

Notes & Other Activity Q4 2024 → Q1 2025
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A Reduce -56.4% 72,164 $2.6M

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