River Road Asset Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 24, 2026), River Road Asset Management, LLC reported 174 stock positions worth $9.1 billion. Its top holding was Bj's Wholesale Club (BJ) at 3.4% of the portfolio, followed by White Mountains Insurance GP (WTM, 2.8%) and Lithia Motors (LAD, 2.7%). Compared with Q3 2025, it opened 15 new positions, sold out of 16, added to 63 and reduced 93. The biggest buy was Ares Management Class A (ARES, shares +40652%) and the biggest sale Caci International Class A (CACI, shares −45%).
- Most Recent 13F
- Q2 2026
- Location
- LOUISVILLE, KY
- CIK
- 0001341401
- Portfolio Value
- $9.1B (Q4 2025)
- SEC Filing
- 0001341401-26-000004 ↗ filed Feb 24, 2026
Holdings Value
Holdings 174 stocks · $9.1B
| BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC | 3.36% | 3,403,710 | $306.4M | Add +9.6% |
| WTM White Mountains Insurance GP | 2.76% | 120,880 | $251.2M | Add +10.3% |
| LAD Lithia Motors Inc. | 2.71% | 742,677 | $246.8M | Add +33.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.47% | 447,921 | $225.1M | Add +12.0% |
| MGRC McGrath Rentcorp | 2.45% | 2,131,121 | $223.6M | Add +3.1% |
| MUSA Murphy USA Inc. | 2.24% | 506,214 | $204.3M | Add +1.6% |
| CXW Corecivic Inc. | 1.88% | 8,978,240 | $171.6M | Add +3.3% |
| AGO Assured Guaranty Ltd. | 1.86% | 1,885,863 | $169.5M | Add +2.3% |
| UNF Unifirst Corp. | 1.83% | 865,014 | $166.9M | Add +9.6% |
| AMRZ Amrize Ltd. | 1.71% | 2,883,536 | $155.9M | Add +26.1% |
| GXO Gxo Logistics Inc. | 1.70% | 2,942,811 | $154.9M | Reduce -1.9% |
| GNW Genworth Financial Inc. | 1.63% | 16,396,056 | $148.1M | Reduce -1.0% |
| PLUS Eplus Inc. | 1.56% | 1,616,749 | $141.8M | Reduce -0.4% |
| CACI Caci International Inc. Class A | 1.47% | 251,387 | $133.9M | Reduce -45.5% |
| ARES Ares Management Corp. Class A | 1.43% | 807,300 | $130.5M | Add +40652.2% |
| MAA Mid-America Apartment Comm | 1.43% | 937,860 | $130.3M | Add +7.8% |
| COO The Cooper Cos Inc. | 1.42% | 1,582,867 | $129.7M | Add +1.0% |
| CRH CRH PLC | 1.42% | 1,036,775 | $129.4M | Reduce -29.7% |
| VNT Vontier Corp. | 1.35% | 3,298,671 | $122.6M | Add +6.7% |
| FCNCA First Citizens Bcshs Class A | 1.31% | 55,402 | $118.9M | Add +574.0% |
| GEHC GE Healthcare Technology | 1.27% | 1,410,848 | $115.7M | Reduce -27.8% |
| WEX Wex Inc. | 1.27% | 776,008 | $115.6M | Reduce -1.5% |
| UNP Union Pacific Corp. | 1.24% | 490,254 | $113.4M | Add +1213.2% |
| AXS Axis Capital Holdings Ltd. | 1.24% | 1,051,961 | $112.7M | Reduce -23.3% |
| ATR Aptargroup Inc. | 1.23% | 917,670 | $111.9M | New |
| WTW Willis Towers Watson PLC | 1.23% | 340,513 | $111.9M | Reduce -30.5% |
| KR Kroger Co. | 1.21% | 1,761,155 | $110.0M | Add +38.7% |
| CSL Carlisle Cos Inc. | 1.16% | 330,729 | $105.8M | Add +28.9% |
| SNN Smith & Nephew PLC -Spon ADR | 1.14% | 3,169,644 | $104.0M | Add +13.8% |
| LH Labcorp Holdings Inc. | 1.12% | 408,256 | $102.4M | Add +13.4% |
| PGR Progressive Corp. | 1.10% | 441,224 | $100.5M | Add +6.5% |
| ICUI Icu Medical Inc. | 1.02% | 650,872 | $92.9M | Reduce -0.0% |
| MDU Mdu Resources Group Inc. | 1.01% | 4,707,042 | $91.9M | Reduce -11.0% |
| DAL Delta Air Lines Inc. | 0.98% | 1,288,956 | $89.5M | Add +339.5% |
| HAE Haemonetics Corp. | 0.97% | 1,102,140 | $88.3M | Reduce -33.4% |
| PSMT Pricesmart Inc. | 0.97% | 719,400 | $88.2M | Reduce -0.7% |
| ICLR Icon PLC | 0.95% | 475,413 | $86.6M | Add +55.6% |
| DE Deere & Co. | 0.94% | 183,258 | $85.3M | Add +55.1% |
| BDX Becton Dickinson and Co. | 0.93% | 436,863 | $84.8M | Add +11.7% |
| NWE Northwestern Energy Group Inc. | 0.90% | 1,263,967 | $81.6M | Reduce -44.8% |
| UFPI Ufp Industries Inc. | 0.88% | 879,935 | $80.1M | Add +64.1% |
| BN Brookfield Corp. | 0.86% | 1,704,456 | $78.2M | Reduce -12.1% |
| DK Delek US Holdings Inc. | 0.83% | 2,547,919 | $75.6M | Reduce -25.3% |
| PRKS United Parks & Resorts Inc. | 0.82% | 2,056,349 | $74.6M | Add +3.8% |
| SWX Southwest Gas Holdings Inc. | 0.81% | 927,263 | $74.2M | Reduce -16.0% |
| MMS Maximus Inc. | 0.78% | 823,262 | $71.1M | Add +236.1% |
| DOLE Dole PLC | 0.76% | 4,617,435 | $69.2M | Add +12.8% |
| IMKTA Ingles Markets Inc. Class A | 0.76% | 1,007,275 | $69.0M | Add +2.3% |
| PRSU Pursuit Attractions and Hosp | 0.75% | 2,032,605 | $68.5M | Add +3.6% |
| LMT Lockheed Martin Corp. | 0.75% | 140,791 | $68.1M | New |
| MTN Vail Resorts Inc. | 0.74% | 508,498 | $67.5M | Add +37.9% |
| VRRM Verra Mobility Corp. | 0.73% | 2,984,760 | $66.9M | Add +441.6% |
| PR Permian Resources Corp. Class A | 0.72% | 4,681,795 | $65.7M | Reduce -1.5% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.72% | 969,490 | $65.3M | New |
| RTO Rentokil Initial PLC-SP ADR | 0.71% | 2,180,514 | $64.2M | Reduce -19.4% |
| TTAM Titan America SA | 0.70% | 3,856,334 | $63.6M | Add +3.5% |
| PAYC Paycom Software Inc. | 0.69% | 392,403 | $62.5M | Add +481.9% |
| QSR Restaurant Brands Intern | 0.65% | 863,570 | $58.9M | Reduce -40.8% |
| CNH CNH Industrial NV | 0.64% | 6,371,476 | $58.7M | Add +3.3% |
| CNNE Cannae Holdings Inc. | 0.62% | 3,600,455 | $56.6M | Reduce -15.5% |
| BRBR Bellring Brands Inc. | 0.62% | 2,112,436 | $56.5M | New |
| HUBG Hub Group Inc. Class A | 0.62% | 1,320,784 | $56.3M | Add +6.6% |
| HII Huntington Ingalls Industrie | 0.61% | 162,712 | $55.3M | Reduce -21.1% |
| BMRN Biomarin Pharmaceutical Inc. | 0.59% | 906,366 | $53.9M | New |
| WSC Willscot Holdings Corp. | 0.59% | 2,859,436 | $53.8M | Reduce -0.3% |
| AWI Armstrong World Industries | 0.59% | 279,934 | $53.5M | Reduce -12.4% |
| WCC Wesco International Inc. | 0.58% | 217,473 | $53.2M | Reduce -62.0% |
| SSNC Ss&c Technologies Holdings | 0.56% | 582,929 | $51.0M | Reduce -1.7% |
| RPC Ridgepost Capital Inc. Class A filed as P10 INC | 0.55% | 5,138,918 | $50.4M | Add +1.7% |
| TRIP Tripadvisor Inc. | 0.55% | 3,448,718 | $50.2M | Add +1.7% |
| ABG Asbury Automotive Group | 0.54% | 211,054 | $49.1M | Add +5.4% |
| SAIC Science Applications Inte | 0.53% | 479,677 | $48.3M | Add +44.4% |
| KKR KKR & Co. Inc. | 0.53% | 375,494 | $47.9M | Reduce -19.5% |
| TXNM TXNM Energy Inc. | 0.52% | 811,032 | $47.8M | Reduce -34.9% |
| LEN Lennar Corp. Class A | 0.52% | 461,696 | $47.5M | Add +10.3% |
| NOMD Nomad Foods Ltd. | 0.50% | 3,642,529 | $45.6M | Reduce -4.5% |
| SNX TD Synnex Corp. | 0.48% | 294,112 | $44.2M | Reduce -3.1% |
| LKQ LKQ Corp. | 0.48% | 1,445,000 | $43.6M | Reduce -20.2% |
| HHH Howard Hughes Holdings Inc. | 0.46% | 521,477 | $41.6M | Reduce -13.4% |
| EMBC Embecta Corp. | 0.45% | 3,416,401 | $40.6M | Add +5.3% |
| CNA Cna Financial Corp. | 0.44% | 843,719 | $40.3M | Reduce -2.3% |
| LGIH Lgi Homes Inc. | 0.44% | 931,391 | $40.0M | Add +2.0% |
| CASY Casey's General Stores Inc. | 0.44% | 71,976 | $39.8M | Reduce -3.6% |
| ENOV Enovis Corp. | 0.43% | 1,487,277 | $39.6M | Add +3.2% |
| OC Owens Corning | 0.43% | 348,116 | $39.0M | Add +3.0% |
| YELP Yelp Inc. | 0.39% | 1,161,711 | $35.3M | Add +1.4% |
| SMPL The Simply Good Foods Co. | 0.35% | 1,586,490 | $31.9M | New |
| DINO HF Sinclair Corp. | 0.35% | 688,431 | $31.7M | Reduce -10.8% |
| JBI Janus International Group Inc. | 0.33% | 4,567,960 | $29.9M | Add +2.1% |
| UL Unilever PLC-Sponsored ADR | 0.32% | 452,487 | $29.6M | Reduce -7.7% |
| EVTC Evertec Inc. | 0.31% | 980,239 | $28.5M | Reduce -46.0% |
| INGM Ingram Micro Holding Corp. | 0.31% | 1,332,690 | $28.4M | Add +87.0% |
| NSP Insperity Inc. | 0.31% | 729,239 | $28.2M | Reduce -4.7% |
| VYX NCR Voyix Corp. | 0.29% | 2,598,320 | $26.5M | Add +2.4% |
| SSD Simpson Manufacturing Co. Inc. | 0.24% | 138,126 | $22.3M | Add +87.5% |
| HCC Warrior Met Coal Inc. | 0.24% | 248,815 | $21.9M | Reduce -74.3% |
| BAH Booz Allen Hamilton Holdings | 0.24% | 257,099 | $21.7M | Reduce -5.8% |
| WMB Williams Cos Inc. | 0.24% | 358,505 | $21.5M | Reduce -3.4% |
| DEO Diageo PLC-Sponsored ADR | 0.23% | 240,805 | $20.8M | Reduce -8.9% |
| RPRX Royalty Pharma PLC Class A | 0.22% | 518,654 | $20.0M | Reduce -3.8% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $7.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 109,056 | $7.3M | Reduce -2.3% |
Total filed on the 13F, all lines: $9.1B.
Portfolio Sells Q3 2025 → Q4 2025
| CACI Caci International Inc. Class A | Reduce -45.5% | 1.47% | −1.11 |
| CSX CSX Corp. | Sold out | 0.00% | −1.09 |
| SBUX Starbucks Corp. | Reduce -84.3% | 0.15% | −0.82 |
| FIS Fidelity National Info Serv | Sold out | 0.00% | −0.80 |
| WCC Wesco International Inc. | Reduce -62.0% | 0.58% | −0.77 |
| TLN Talen Energy Corp. | Reduce -72.0% | 0.21% | −0.67 |
| WTW Willis Towers Watson PLC | Reduce -30.5% | 1.23% | −0.67 |
| NWE Northwestern Energy Group Inc. | Reduce -44.8% | 0.90% | −0.61 |
| CRH CRH PLC | Reduce -29.7% | 1.42% | −0.56 |
| SM SM Energy Co. | Sold out | 0.00% | −0.48 |
| HCC Warrior Met Coal Inc. | Reduce -74.3% | 0.24% | −0.45 |
| DK Delek US Holdings Inc. | Reduce -25.3% | 0.83% | −0.40 |
| QSR Restaurant Brands Intern | Reduce -40.8% | 0.65% | −0.40 |
| GEHC GE Healthcare Technology | Reduce -27.8% | 1.27% | −0.38 |
| EVTC Evertec Inc. | Reduce -46.0% | 0.31% | −0.38 |
| AER Aercap Holdings NV | Reduce -99.0% | 0.00% | −0.32 |
| OPLN Openlane Inc. | Sold out | 0.00% | −0.31 |
| TXNM TXNM Energy Inc. | Reduce -34.9% | 0.52% | −0.27 |
| CNNE Cannae Holdings Inc. | Reduce -15.5% | 0.62% | −0.25 |
| AHL Aspen Insurance Holdings Class A | Sold out | 0.00% | −0.24 |
| ATKR Atkore Inc. | Sold out | 0.00% | −0.24 |
| AXS Axis Capital Holdings Ltd. | Reduce -23.3% | 1.24% | −0.24 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.22 |
| TAP Molson Coors Beverage Co. Class B | Sold out | 0.00% | −0.17 |
| SWX Southwest Gas Holdings Inc. | Reduce -16.0% | 0.81% | −0.16 |
| KKR KKR & Co. Inc. | Reduce -19.5% | 0.53% | −0.15 |
| EXPD Expeditors Intl Wash Inc. | Reduce -54.8% | 0.18% | −0.15 |
| ALIT Alight Inc. Class A | Reduce -5.1% | 0.18% | −0.15 |
| LKQ LKQ Corp. | Reduce -20.2% | 0.48% | −0.14 |
| BN Brookfield Corp. | Reduce -12.1% | 0.86% | −0.14 |
| RPAY Repay Holdings Corp. | Sold out | 0.00% | −0.14 |
| WEX Wex Inc. | Reduce -1.5% | 1.27% | −0.12 |
| KMB Kimberly-Clark Corp. | Sold out | 0.00% | −0.12 |
| AWI Armstrong World Industries | Reduce -12.4% | 0.59% | −0.12 |
| NSP Insperity Inc. | Reduce -4.7% | 0.31% | −0.11 |
| DINO HF Sinclair Corp. | Reduce -10.8% | 0.35% | −0.10 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.10 |
| HHH Howard Hughes Holdings Inc. | Reduce -13.4% | 0.46% | −0.10 |
| ARE Alexandria Real Estate Equit | Sold out | 0.00% | −0.10 |
| WSC Willscot Holdings Corp. | Reduce -0.3% | 0.59% | −0.09 |
| STZ Constellation Brands Inc. Class A | Sold out | 0.00% | −0.09 |
| GXO Gxo Logistics Inc. | Reduce -1.9% | 1.70% | −0.08 |
| FAF First American Financial | Sold out | 0.00% | −0.07 |
| SNX TD Synnex Corp. | Reduce -3.1% | 0.48% | −0.07 |
| RDN Radian Group Inc. | Reduce -24.1% | 0.19% | −0.07 |
| PZZA Papa John's Intl Inc. | Sold out | 0.00% | −0.07 |
| BAH Booz Allen Hamilton Holdings | Reduce -5.8% | 0.24% | −0.07 |
| ORCL Oracle Corp. | Reduce -20.4% | 0.07% | −0.06 |
| NOMD Nomad Foods Ltd. | Reduce -4.5% | 0.50% | −0.06 |
| RTO Rentokil Initial PLC-SP ADR | Reduce -19.4% | 0.71% | −0.06 |
Portfolio Buys Q3 2025 → Q4 2025
| ARES Ares Management Corp. Class A | Add +40652.2% | 1.43% | +1.43 |
| ATR Aptargroup Inc. | New | 1.23% | +1.23 |
| UNP Union Pacific Corp. | Add +1213.2% | 1.24% | +1.15 |
| FCNCA First Citizens Bcshs Class A | Add +574.0% | 1.31% | +1.14 |
| DAL Delta Air Lines Inc. | Add +339.5% | 0.98% | +0.80 |
| LMT Lockheed Martin Corp. | New | 0.75% | +0.75 |
| LAD Lithia Motors Inc. | Add +33.6% | 2.71% | +0.74 |
| IFF Intl Flavors & Fragrances | New | 0.72% | +0.72 |
| WTM White Mountains Insurance GP | Add +10.3% | 2.76% | +0.70 |
| BRBR Bellring Brands Inc. | New | 0.62% | +0.62 |
| BMRN Biomarin Pharmaceutical Inc. | New | 0.59% | +0.59 |
| VRRM Verra Mobility Corp. | Add +441.6% | 0.73% | +0.58 |
| MMS Maximus Inc. | Add +236.1% | 0.78% | +0.53 |
| PAYC Paycom Software Inc. | Add +481.9% | 0.69% | +0.53 |
| AMRZ Amrize Ltd. | Add +26.1% | 1.71% | +0.47 |
| UNF Unifirst Corp. | Add +9.6% | 1.83% | +0.35 |
| ICLR Icon PLC | Add +55.6% | 0.95% | +0.35 |
| SMPL The Simply Good Foods Co. | New | 0.35% | +0.35 |
| DE Deere & Co. | Add +55.1% | 0.94% | +0.33 |
| UFPI Ufp Industries Inc. | Add +64.1% | 0.88% | +0.32 |
| KR Kroger Co. | Add +38.7% | 1.21% | +0.25 |
| COO The Cooper Cos Inc. | Add +1.0% | 1.42% | +0.22 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +12.0% | 2.47% | +0.22 |
| CSL Carlisle Cos Inc. | Add +28.9% | 1.16% | +0.21 |
| LSTR Landstar System Inc. | New | 0.20% | +0.20 |
| NMIH Nmi Holdings Inc. | New | 0.17% | +0.17 |
| SAIC Science Applications Inte | Add +44.4% | 0.53% | +0.16 |
| DOLE Dole PLC | Add +12.8% | 0.76% | +0.14 |
| INGM Ingram Micro Holding Corp. | Add +87.0% | 0.31% | +0.14 |
| HUBG Hub Group Inc. Class A | Add +6.6% | 0.62% | +0.14 |
| MTN Vail Resorts Inc. | Add +37.9% | 0.74% | +0.12 |
| APD Air Products & Chemicals Inc. | New | 0.12% | +0.12 |
| BJ Bj's Wholesale Club Holdings | Add +9.6% | 3.36% | +0.12 |
| AGO Assured Guaranty Ltd. | Add +2.3% | 1.86% | +0.11 |
| BDX Becton Dickinson and Co. | Add +11.7% | 0.93% | +0.11 |
| SSD Simpson Manufacturing Co. Inc. | Add +87.5% | 0.24% | +0.11 |
| NWSA News Corp. Class A | New | 0.11% | +0.11 |
| RPM RPM International Inc. | New | 0.07% | +0.07 |
| TTAM Titan America SA | Add +3.5% | 0.70% | +0.07 |
| MUSA Murphy USA Inc. | Add +1.6% | 2.24% | +0.07 |
| ACI Albertsons Cos Inc. Class A | New | 0.07% | +0.07 |
| MAA Mid-America Apartment Comm | Add +7.8% | 1.43% | +0.07 |
| PGNY Progyny Inc. | Add +13.9% | 0.19% | +0.05 |
| WMG Warner Music Group Corp. Class A | Add +43.3% | 0.22% | +0.04 |
| SN Sharkninja Inc. | Add +50.0% | 0.11% | +0.04 |
| CCL Carnival Corp. | Add +27.4% | 0.16% | +0.04 |
| ITRN Ituran Location and Control | Add +0.3% | 0.19% | +0.03 |
| WSO Watsco Inc. | Add +91.5% | 0.06% | +0.02 |
| TXN Texas Instruments Inc. | Add +32.4% | 0.11% | +0.02 |
| IWN iShares Russell 2000 Value E | New | 0.01% | +0.01 |
Notes & Other Activity Q3 2025 → Q4 2025
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | Reduce -2.3% | 109,056 | $7.3M |
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 |