River Road Asset Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), River Road Asset Management, LLC reported 175 stock positions worth $8.9 billion. Its top holding was Bj's Wholesale Club (BJ) at 3.2% of the portfolio, followed by McGrath Rentcorp (MGRC, 2.7%) and Caci International Class A (CACI, 2.6%). Compared with Q2 2025, it opened 7 new positions, sold out of 13, added to 64 and reduced 104. The biggest buy was Berkshire Hathaway Class B (BRK.B, shares +102%) and the biggest sale an exit from GMS (GMS).
- Most Recent 13F
- Q2 2026
- Location
- LOUISVILLE, KY
- CIK
- 0001341401
- Portfolio Value
- $8.9B (Q3 2025)
- SEC Filing
- 0001341401-25-000037 ↗ filed Nov 12, 2025
Holdings Value
Holdings 175 stocks · $8.9B
| BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC | 3.25% | 3,105,758 | $289.6M | Add +50.3% |
| MGRC McGrath Rentcorp | 2.72% | 2,066,555 | $242.4M | Add +4.8% |
| CACI Caci International Inc. Class A | 2.58% | 461,124 | $230.0M | Add +26.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.25% | 399,837 | $201.0M | Add +102.0% |
| MUSA Murphy USA Inc. | 2.17% | 498,241 | $193.4M | Add +1.3% |
| WTM White Mountains Insurance GP | 2.05% | 109,588 | $183.2M | Reduce -0.3% |
| CRH CRH PLC | 1.98% | 1,475,444 | $176.9M | Add +55.3% |
| CXW Corecivic Inc. | 1.98% | 8,691,132 | $176.9M | Reduce -0.3% |
| LAD Lithia Motors Inc. | 1.97% | 556,049 | $175.7M | Add +34.8% |
| WTW Willis Towers Watson PLC | 1.90% | 489,660 | $169.2M | Add +47.7% |
| GXO Gxo Logistics Inc. | 1.78% | 3,000,590 | $158.7M | Add +1.1% |
| AGO Assured Guaranty Ltd. | 1.75% | 1,843,552 | $156.1M | Add +2.9% |
| GNW Genworth Financial Inc. | 1.65% | 16,558,334 | $147.4M | Reduce -0.8% |
| GEHC GE Healthcare Technology | 1.65% | 1,955,250 | $146.8M | Add +56.6% |
| NWE Northwestern Energy Group Inc. | 1.51% | 2,291,490 | $134.3M | Reduce -0.3% |
| UNF Unifirst Corp. | 1.48% | 789,490 | $132.0M | Reduce -0.5% |
| AXS Axis Capital Holdings Ltd. | 1.47% | 1,371,347 | $131.4M | Reduce -14.7% |
| VNT Vontier Corp. | 1.46% | 3,092,514 | $129.8M | Reduce -0.8% |
| WEX Wex Inc. | 1.39% | 788,041 | $124.1M | Reduce -1.2% |
| MAA Mid-America Apartment Comm | 1.36% | 869,873 | $121.5M | Add +66.5% |
| WCC Wesco International Inc. | 1.36% | 572,357 | $121.1M | Reduce -5.5% |
| PLUS Eplus Inc. | 1.29% | 1,622,959 | $115.2M | Reduce -0.1% |
| AMRZ Amrize Ltd. | 1.24% | 2,285,994 | $110.9M | Add +176.6% |
| DK Delek US Holdings Inc. | 1.23% | 3,408,859 | $110.0M | Reduce -0.5% |
| COO The Cooper Cos Inc. | 1.20% | 1,566,764 | $107.4M | Add +174.0% |
| LH Labcorp Holdings Inc. | 1.16% | 359,982 | $103.3M | Add +65.3% |
| PRKS United Parks & Resorts Inc. | 1.15% | 1,981,957 | $102.5M | Add +6.0% |
| PGR Progressive Corp. | 1.15% | 414,138 | $102.3M | Add +172.3% |
| SNN Smith & Nephew PLC -Spon ADR | 1.13% | 2,784,718 | $101.1M | Reduce -12.4% |
| CSX CSX Corp. | 1.09% | 2,729,409 | $96.9M | Add +74.9% |
| MDU Mdu Resources Group Inc. | 1.06% | 5,289,982 | $94.2M | Add +249.6% |
| QSR Restaurant Brands Intern | 1.05% | 1,458,999 | $93.6M | Add +69.0% |
| BN Brookfield Corp. | 0.99% | 1,293,145 | $88.7M | Add +184.9% |
| PSMT Pricesmart Inc. | 0.98% | 724,161 | $87.8M | Reduce -7.9% |
| SWX Southwest Gas Holdings Inc. | 0.97% | 1,104,198 | $86.5M | Reduce -1.1% |
| SBUX Starbucks Corp. | 0.97% | 1,017,613 | $86.1M | Add +63.3% |
| KR Kroger Co. | 0.96% | 1,269,614 | $85.6M | Add +225.6% |
| CSL Carlisle Cos Inc. | 0.95% | 256,658 | $84.4M | Add +78.9% |
| HAE Haemonetics Corp. | 0.90% | 1,654,790 | $80.7M | Reduce -0.1% |
| TLN Talen Energy Corp. | 0.88% | 185,065 | $78.7M | Reduce -8.8% |
| ICUI Icu Medical Inc. | 0.88% | 651,156 | $78.1M | Reduce -0.1% |
| CNNE Cannae Holdings Inc. | 0.88% | 4,262,988 | $78.1M | Reduce -9.7% |
| BDX Becton Dickinson and Co. | 0.82% | 390,952 | $73.2M | Add +191.2% |
| FIS Fidelity National Info Serv | 0.80% | 1,083,755 | $71.5M | Add +120.1% |
| PRSU Pursuit Attractions and Hosp | 0.80% | 1,962,811 | $71.0M | Add +0.2% |
| TXNM TXNM Energy Inc. | 0.79% | 1,246,202 | $70.5M | Reduce -3.1% |
| IMKTA Ingles Markets Inc. Class A | 0.77% | 984,296 | $68.5M | Reduce -0.0% |
| RTO Rentokil Initial PLC-SP ADR | 0.77% | 2,707,132 | $68.4M | Reduce -25.4% |
| CNH CNH Industrial NV | 0.75% | 6,170,837 | $67.0M | Add +2.5% |
| AWI Armstrong World Industries | 0.70% | 319,581 | $62.6M | Reduce -11.8% |
| HCC Warrior Met Coal Inc. | 0.69% | 968,181 | $61.6M | Reduce -1.0% |
| EVTC Evertec Inc. | 0.69% | 1,816,598 | $61.4M | Reduce -1.8% |
| PR Permian Resources Corp. Class A | 0.68% | 4,755,115 | $60.9M | Reduce -1.2% |
| KKR KKR & Co. Inc. | 0.68% | 466,701 | $60.6M | Add +78.3% |
| WSC Willscot Holdings Corp. | 0.68% | 2,867,692 | $60.5M | Reduce -0.2% |
| HII Huntington Ingalls Industrie | 0.67% | 206,297 | $59.4M | Reduce -1.3% |
| TTAM Titan America SA | 0.62% | 3,727,710 | $55.7M | Add +2.2% |
| LKQ LKQ Corp. | 0.62% | 1,809,771 | $55.3M | Reduce -1.8% |
| TRIP Tripadvisor Inc. | 0.62% | 3,392,559 | $55.2M | Reduce -0.7% |
| MTN Vail Resorts Inc. | 0.62% | 368,670 | $55.1M | Add +0.4% |
| DOLE Dole PLC | 0.62% | 4,091,634 | $55.0M | Add +0.4% |
| RPC Ridgepost Capital Inc. Class A filed as P10 INC | 0.62% | 5,052,060 | $55.0M | Reduce -0.8% |
| DE Deere & Co. | 0.61% | 118,133 | $54.0M | Add +120.1% |
| ICLR Icon PLC | 0.60% | 305,553 | $53.5M | Add +46.1% |
| LEN Lennar Corp. Class A | 0.59% | 418,510 | $52.7M | Reduce -5.6% |
| SSNC Ss&c Technologies Holdings | 0.59% | 593,247 | $52.7M | Reduce -3.3% |
| NOMD Nomad Foods Ltd. | 0.56% | 3,814,106 | $50.2M | Reduce -1.7% |
| UFPI Ufp Industries Inc. | 0.56% | 536,105 | $50.1M | Add +464.6% |
| SNX TD Synnex Corp. | 0.56% | 303,609 | $49.7M | Reduce -42.9% |
| HHH Howard Hughes Holdings Inc. | 0.56% | 602,499 | $49.5M | Reduce -0.9% |
| ABG Asbury Automotive Group | 0.55% | 200,162 | $48.9M | Add +0.1% |
| OC Owens Corning | 0.54% | 337,923 | $47.8M | New |
| LGIH Lgi Homes Inc. | 0.53% | 912,709 | $47.2M | Add +0.9% |
| EMBC Embecta Corp. | 0.51% | 3,245,207 | $45.8M | Add +0.1% |
| JBI Janus International Group Inc. | 0.50% | 4,472,928 | $44.1M | Reduce -14.3% |
| ENOV Enovis Corp. | 0.49% | 1,440,988 | $43.7M | Add +0.1% |
| SM SM Energy Co. | 0.48% | 1,721,765 | $43.0M | Reduce -0.9% |
| HUBG Hub Group Inc. Class A | 0.48% | 1,239,020 | $42.7M | Add +12.3% |
| CASY Casey's General Stores Inc. | 0.47% | 74,696 | $42.2M | Add +82.7% |
| DINO HF Sinclair Corp. | 0.45% | 771,625 | $40.4M | Reduce -1.3% |
| CNA Cna Financial Corp. | 0.45% | 863,821 | $40.1M | Reduce -2.0% |
| NSP Insperity Inc. | 0.42% | 764,813 | $37.6M | Reduce -2.0% |
| YELP Yelp Inc. | 0.40% | 1,145,862 | $35.8M | Reduce -1.6% |
| SAIC Science Applications Inte | 0.37% | 332,239 | $33.0M | Add +87.4% |
| UL Unilever PLC | 0.37% | 551,989 | $32.7M | Reduce -1.0% |
| VYX NCR Voyix Corp. | 0.36% | 2,537,500 | $31.8M | Reduce -0.3% |
| ALIT Alight Inc. Class A | 0.33% | 9,061,729 | $29.5M | Reduce -11.3% |
| EXPD Expeditors Intl Wash Inc. | 0.33% | 236,733 | $29.0M | Add +45.1% |
| AER Aercap Holdings NV | 0.32% | 238,732 | $28.9M | Reduce -23.7% |
| OPLN Openlane Inc. | 0.31% | 970,685 | $27.9M | Reduce -62.8% |
| BAH Booz Allen Hamilton Holdings | 0.31% | 272,899 | $27.3M | Add +515.6% |
| DEO Diageo PLC-Sponsored ADR | 0.28% | 264,333 | $25.2M | Add +4.3% |
| WMB Williams Cos Inc. | 0.26% | 371,119 | $23.5M | Reduce -8.4% |
| RDN Radian Group Inc. | 0.26% | 647,684 | $23.5M | Reduce -1.3% |
| MMS Maximus Inc. | 0.25% | 244,936 | $22.4M | Add +0.1% |
| AHL Aspen Insurance Holdings Class A | 0.24% | 579,134 | $21.3M | Add +118.8% |
| ATKR Atkore Inc. | 0.24% | 336,274 | $21.1M | Reduce -57.6% |
| PNC PNC Financial Services Group | 0.22% | 99,143 | $19.9M | Reduce -2.1% |
| FISV Fiserv Inc. | 0.22% | 153,642 | $19.8M | Add +12.2% |
| KMI Kinder Morgan Inc. | 0.22% | 692,434 | $19.6M | Reduce -17.8% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $7.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 111,598 | $7.6M | Add +17.1% |
Total filed on the 13F, all lines: $8.9B.
Portfolio Sells Q2 2025 → Q3 2025
| GMS GMS Inc. | Sold out | 0.00% | −0.68 |
| HAE Haemonetics Corp. | Reduce -0.1% | 0.90% | −0.65 |
| ATKR Atkore Inc. | Reduce -57.6% | 0.24% | −0.54 |
| TAP Molson Coors Beverage Co. Class B | Reduce -69.9% | 0.17% | −0.53 |
| LULU Lululemon Athletica Inc. | Sold out | 0.00% | −0.51 |
| OPLN Openlane Inc. | Reduce -62.8% | 0.31% | −0.50 |
| AXS Axis Capital Holdings Ltd. | Reduce -14.7% | 1.47% | −0.44 |
| WTM White Mountains Insurance GP | Reduce -0.3% | 2.05% | −0.44 |
| SNX TD Synnex Corp. | Reduce -42.9% | 0.56% | −0.42 |
| CNNE Cannae Holdings Inc. | Reduce -9.7% | 0.88% | −0.41 |
| WSC Willscot Holdings Corp. | Reduce -0.2% | 0.68% | −0.39 |
| RTO Rentokil Initial PLC-SP ADR | Reduce -25.4% | 0.77% | −0.38 |
| ALIT Alight Inc. Class A | Reduce -11.3% | 0.33% | −0.36 |
| WEX Wex Inc. | Reduce -1.2% | 1.39% | −0.33 |
| IWD iShares Russell 1000 Value E | Sold out | 0.00% | −0.32 |
| NOMD Nomad Foods Ltd. | Reduce -1.7% | 0.56% | −0.27 |
| UNF Unifirst Corp. | Reduce -0.5% | 1.48% | −0.24 |
| WCC Wesco International Inc. | Reduce -5.5% | 1.36% | −0.24 |
| CXW Corecivic Inc. | Reduce -0.3% | 1.98% | −0.24 |
| PZZA Papa John's Intl Inc. | Reduce -77.1% | 0.07% | −0.23 |
| BLCO Bausch + Lomb Corp. | Sold out | 0.00% | −0.21 |
| ORCL Oracle Corp. | Reduce -59.7% | 0.14% | −0.21 |
| ICUI Icu Medical Inc. | Reduce -0.1% | 0.88% | −0.19 |
| VNT Vontier Corp. | Reduce -0.8% | 1.46% | −0.19 |
| PR Permian Resources Corp. Class A | Reduce -1.2% | 0.68% | −0.18 |
| RPC Ridgepost Capital Inc. Class A | Reduce -0.8% | 0.62% | −0.18 |
| FERG Ferguson Enterprises Inc. | Sold out | 0.00% | −0.17 |
| NSP Insperity Inc. | Reduce -2.0% | 0.42% | −0.17 |
| AWI Armstrong World Industries | Reduce -11.8% | 0.70% | −0.16 |
| EVTC Evertec Inc. | Reduce -1.8% | 0.69% | −0.16 |
| TRIP Tripadvisor Inc. | Reduce -0.7% | 0.62% | −0.14 |
| CCOI Cogent Communications Holdin | Sold out | 0.00% | −0.14 |
| SWX Southwest Gas Holdings Inc. | Reduce -1.1% | 0.97% | −0.14 |
| TXNM TXNM Energy Inc. | Reduce -3.1% | 0.79% | −0.14 |
| SM SM Energy Co. | Reduce -0.9% | 0.48% | −0.13 |
| VMI Valmont Industries | Reduce -46.6% | 0.11% | −0.11 |
| YELP Yelp Inc. | Reduce -1.6% | 0.40% | −0.11 |
| AER Aercap Holdings NV | Reduce -23.7% | 0.32% | −0.10 |
| SNN Smith & Nephew PLC -Spon ADR | Reduce -12.4% | 1.13% | −0.10 |
| TLN Talen Energy Corp. | Reduce -8.8% | 0.88% | −0.09 |
| PSMT Pricesmart Inc. | Reduce -7.9% | 0.98% | −0.09 |
| VAL Valaris Ltd. | Sold out | 0.00% | −0.09 |
| VYX NCR Voyix Corp. | Reduce -0.3% | 0.36% | −0.08 |
| CMCSA Comcast Corp. Class A | Reduce -33.9% | 0.10% | −0.08 |
| KMI Kinder Morgan Inc. | Reduce -17.8% | 0.22% | −0.08 |
| ACN Accenture PLC Class A | Reduce -31.2% | 0.10% | −0.08 |
| UPS United Parcel Service Class B | Sold out | 0.00% | −0.08 |
| GLW Corning Inc. | Reduce -61.8% | 0.06% | −0.08 |
| SSNC Ss&c Technologies Holdings | Reduce -3.3% | 0.59% | −0.08 |
| HII Huntington Ingalls Industrie | Reduce -1.3% | 0.67% | −0.07 |
Portfolio Buys Q2 2025 → Q3 2025
| BRK.B Berkshire Hathaway Inc. Class B | Add +102.0% | 2.25% | +1.07 |
| CRH CRH PLC | Add +55.3% | 1.98% | +0.83 |
| MDU Mdu Resources Group Inc. | Add +249.6% | 1.06% | +0.72 |
| AMRZ Amrize Ltd. | Add +176.6% | 1.24% | +0.71 |
| COO The Cooper Cos Inc. | Add +174.0% | 1.20% | +0.69 |
| PGR Progressive Corp. | Add +172.3% | 1.15% | +0.68 |
| KR Kroger Co. | Add +225.6% | 0.96% | +0.61 |
| BN Brookfield Corp. | Add +184.9% | 0.99% | +0.61 |
| WTW Willis Towers Watson PLC | Add +47.7% | 1.90% | +0.57 |
| OC Owens Corning | New | 0.54% | +0.54 |
| BDX Becton Dickinson and Co. | Add +191.2% | 0.82% | +0.52 |
| GEHC GE Healthcare Technology | Add +56.6% | 1.65% | +0.52 |
| BJ Bj's Wholesale Club Holdings | Add +50.3% | 3.25% | +0.47 |
| LAD Lithia Motors Inc. | Add +34.8% | 1.97% | +0.46 |
| UFPI Ufp Industries Inc. | Add +464.6% | 0.56% | +0.44 |
| CACI Caci International Inc. Class A | Add +26.2% | 2.58% | +0.44 |
| LH Labcorp Holdings Inc. | Add +65.3% | 1.16% | +0.44 |
| MAA Mid-America Apartment Comm | Add +66.5% | 1.36% | +0.42 |
| CSX CSX Corp. | Add +74.9% | 1.09% | +0.38 |
| QSR Restaurant Brands Intern | Add +69.0% | 1.05% | +0.31 |
| FIS Fidelity National Info Serv | Add +120.1% | 0.80% | +0.30 |
| CSL Carlisle Cos Inc. | Add +78.9% | 0.95% | +0.30 |
| SBUX Starbucks Corp. | Add +63.3% | 0.97% | +0.26 |
| DE Deere & Co. | Add +120.1% | 0.61% | +0.25 |
| BAH Booz Allen Hamilton Holdings | Add +515.6% | 0.31% | +0.25 |
| CASY Casey's General Stores Inc. | Add +82.7% | 0.47% | +0.20 |
| KKR KKR & Co. Inc. | Add +78.3% | 0.68% | +0.19 |
| COKE Coca-Cola Consolidated Inc. | New | 0.19% | +0.19 |
| INGM Ingram Micro Holding Corp. | New | 0.17% | +0.17 |
| VRRM Verra Mobility Corp. | New | 0.15% | +0.15 |
| ICLR Icon PLC | Add +46.1% | 0.60% | +0.15 |
| AHL Aspen Insurance Holdings Class A | Add +118.8% | 0.24% | +0.13 |
| SSD Simpson Manufacturing Co. Inc. | Add +1478.8% | 0.14% | +0.13 |
| SAIC Science Applications Inte | Add +87.4% | 0.37% | +0.12 |
| CG The Carlyle Group Inc. | New | 0.11% | +0.11 |
| MDT Medtronic PLC | New | 0.10% | +0.10 |
| UNP Union Pacific Corp. | New | 0.10% | +0.10 |
| EMBC Embecta Corp. | Add +0.1% | 0.51% | +0.10 |
| EXPD Expeditors Intl Wash Inc. | Add +45.1% | 0.33% | +0.08 |
| GPC Genuine Parts Co. | Add +99.7% | 0.14% | +0.06 |
| PRSU Pursuit Attractions and Hosp | Add +0.2% | 0.80% | +0.04 |
| OSK Oshkosh Corp. | Add +46.0% | 0.17% | +0.04 |
| WFC Wells Fargo & Co. | Add +48.4% | 0.13% | +0.04 |
| PSX Phillips 66 | Add +36.4% | 0.12% | +0.03 |
| PRKS United Parks & Resorts Inc. | Add +6.0% | 1.15% | +0.02 |
| FCNCA First Citizens Bcshs Class A | Add +47.6% | 0.16% | +0.02 |
| TXN Texas Instruments Inc. | Add +47.3% | 0.09% | +0.02 |
| MMS Maximus Inc. | Add +0.1% | 0.25% | +0.02 |
| ACIW Aci Worldwide Inc. | Add +0.3% | 0.14% | +0.01 |
| FNF Fidelity National Financial | Add +22.8% | 0.08% | +0.01 |
Notes & Other Activity Q2 2025 → Q3 2025
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | Add +17.1% | 111,598 | $7.6M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 173 | $9.0B | BJ, MGRC, WTM, CXW, BRK.B |
| Q1 2026 | 174 | $8.8B | BJ, WTM, MGRC, BRK.B, MUSA |
| Q4 2025 | 174 | $9.1B | BJ, WTM, LAD, BRK.B, MGRC |
| Q3 2025 | 175 | $8.9B | BJ, MGRC, CACI, BRK.B, MUSA |
| Q2 2025 | 181 | $7.9B | MGRC, BJ, WTM, MUSA, CXW |
| Q1 2025 | 180 | $7.4B | BJ, WTM, MGRC, MUSA, CXW |
| Q4 2024 | 171 | $7.5B | BJ, WTM, MGRC, TLN, CXW |
| Q3 2024 | 172 | $7.6B | TLN, BJ, WTM, MUSA, UNF |
| Q2 2024 | 173 | $7.0B | BJ, WTM, MUSA, LKQ, UNF |
| Q1 2024 | 165 | $7.4B | BJ, LKQ, ATKR, WTM, WEX |