River Road Asset Management, LLC

Name: River Road Asset Management, LLC 13F holdings, Q4 2025
Creator: River Road Asset Management, LLC
Published: 2026-02-24

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

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%
PNC PNC Financial Services Group	0.22%	94,629	$19.8M	Reduce -4.5%
WMG Warner Music Group Corp. Class A	0.22%	641,621	$19.7M	Add +43.3%
TNC Tennant Co.	0.21%	265,530	$19.6M	Add +9.9%
TLN Talen Energy Corp.	0.21%	51,895	$19.5M	Reduce -72.0%
COKE Coca-Cola Consolidated Inc.	0.21%	124,005	$19.0M	Reduce -12.1%
LSTR Landstar System Inc.	0.20%	125,829	$18.1M	New
RDN Radian Group Inc.	0.19%	491,560	$17.7M	Reduce -24.1%
PGNY Progyny Inc.	0.19%	687,824	$17.7M	Add +13.9%
ITRN Ituran Location and Control	0.19%	410,105	$17.6M	Add +0.3%
CB Chubb Ltd.	0.19%	54,721	$17.1M	Reduce -4.4%
ALIT Alight Inc. Class A	0.18%	8,598,252	$16.8M	Reduce -5.1%
EXPD Expeditors Intl Wash Inc.	0.18%	107,023	$15.9M	Reduce -54.8%
CPAY Corpay Inc.	0.17%	50,910	$15.3M	Reduce -2.2%
NMIH Nmi Holdings Inc. filed as NMI HLDGS INC	0.17%	370,295	$15.1M	New
KMI Kinder Morgan Inc.	0.17%	547,730	$15.1M	Reduce -20.9%
TPG TPG Inc.	0.16%	234,254	$15.0M	Reduce -2.3%
BXC Bluelinx Holdings Inc.	0.16%	240,500	$14.8M	Add +9.9%
OSK Oshkosh Corp.	0.16%	115,121	$14.5M	Reduce -2.3%
CCL Carnival Corp.	0.16%	468,595	$14.3M	Add +27.4%
SBUX Starbucks Corp.	0.15%	159,971	$13.5M	Reduce -84.3%
PKE Park Aerospace Corp.	0.15%	627,737	$13.4M	Reduce -13.9%
CRM Salesforce Inc.	0.14%	49,678	$13.2M	Reduce -3.4%
WFC Wells Fargo & Co.	0.14%	138,114	$12.9M	Reduce -3.2%
ACIW Aci Worldwide Inc.	0.14%	267,605	$12.8M	Add +9.8%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC	0.14%	118,755	$12.4M	Reduce -2.2%
AMT American Tower Corp.	0.13%	69,234	$12.2M	Reduce -17.0%
OVV Ovintiv Inc.	0.13%	295,720	$11.6M	Add +0.3%
APD Air Products & Chemicals Inc.	0.12%	43,085	$10.6M	New
GPC Genuine Parts Co.	0.11%	84,755	$10.4M	Reduce -3.3%
TXN Texas Instruments Inc.	0.11%	59,562	$10.3M	Add +32.4%
GEO The Geo Group Inc.	0.11%	622,904	$10.0M	Add +7.0%
SN Sharkninja Inc.	0.11%	88,347	$9.9M	Add +50.0%
NWSA News Corp. Class A	0.11%	368,114	$9.6M	New
ACN Accenture PLC Class A	0.11%	35,803	$9.6M	Reduce -3.2%
VOYA Voya Financial Inc.	0.10%	124,490	$9.3M	Reduce -2.4%
APG Api Group Corp.	0.10%	240,642	$9.2M	Reduce -38.6%
MU Micron Technology Inc.	0.10%	31,605	$9.0M	Reduce -59.3%
CG The Carlyle Group Inc.	0.10%	152,601	$9.0M	Reduce -2.4%
MDT Medtronic PLC	0.10%	92,437	$8.9M	Reduce -3.3%
EXPE Expedia Group Inc.	0.10%	31,054	$8.8M	Reduce -32.9%
BATRK Atlanta Braves Holdings in-C	0.09%	210,161	$8.3M	Reduce -2.3%
JOE The St Joe Co.	0.09%	137,874	$8.2M	Reduce -24.9%
PEP Pepsico Inc.	0.08%	53,745	$7.7M	Reduce -4.4%
ABBV Abbvie Inc.	0.08%	33,588	$7.7M	Reduce -20.9%
JNJ Johnson & Johnson	0.08%	36,787	$7.6M	Reduce -4.6%
EOG EOG Resources Inc.	0.08%	71,751	$7.5M	Reduce -4.1%
ALG Alamo Group Inc.	0.08%	44,174	$7.4M	Reduce -2.3%
AVT Avnet Inc.	0.08%	152,216	$7.3M	Reduce -4.5%
AMGN Amgen Inc.	0.08%	22,044	$7.2M	Reduce -40.7%
ORCL Oracle Corp.	0.07%	34,165	$6.7M	Reduce -20.4%
RPM RPM International Inc.	0.07%	64,015	$6.7M	New
VMI Valmont Industries	0.07%	16,063	$6.5M	Reduce -38.3%
ACI Albertsons Cos Inc. Class A	0.07%	370,792	$6.4M	New
FNF Fidelity National Financial	0.07%	112,360	$6.1M	Reduce -3.0%
PSX Phillips 66	0.06%	45,786	$5.9M	Reduce -39.6%
IDA Idacorp Inc.	0.06%	46,629	$5.9M	Reduce -17.9%
WSO Watsco Inc.	0.06%	16,907	$5.7M	Add +91.5%
DUK Duke Energy Corp.	0.06%	45,621	$5.3M	Reduce -5.2%
BMY Bristol-Myers Squibb Co.	0.06%	95,807	$5.2M	Reduce -3.6%
AES AES Corp.	0.05%	317,900	$4.6M	Reduce -4.8%
CSGS CSG Systems Intl Inc.	0.05%	54,854	$4.2M	Reduce -53.3%
CSCO Cisco Systems Inc.	0.04%	44,099	$3.4M	Reduce -48.4%
EXE Expand Energy Corp.	0.04%	30,033	$3.3M	Reduce -36.4%
EPD Enterprise Products Partners	0.04%	103,165	$3.3M	Reduce -27.0%
GLW Corning Inc.	0.03%	33,095	$2.9M	Reduce -48.6%
CCI Crown Castle Inc.	0.03%	27,940	$2.5M	Reduce -4.4%
EPM Evolution Petroleum Corp.	0.02%	537,375	$1.9M	Reduce -58.5%
IWN iShares Russell 2000 Value E	0.01%	7,064	$1.3M	New
ET Energy Transfer LP	0.01%	74,955	$1.2M	New
CNI Canadian Natl Railway Co.	0.01%	9,774	$966K	No change
APO Apollo Global Management Inc.	0.01%	6,119	$886K	No change
AER Aercap Holdings NV	0.00%	2,517	$362K	Reduce -99.0%
NVR NVR Inc.	0.00%	48	$350K	No change
FG F&G Annuities & Life Inc.	0.00%	6,765	$209K	New

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