Speece Thorson Capital Group Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 29, 2026), Speece Thorson Capital Group Inc. reported 42 stock positions worth $462.0 million. Its top holding was White Mountains Insurance GP (WTM) at 4.8% of the portfolio, followed by Hexcel (HXL, 4.6%) and Commerce Bancshares (CBSH, 4.1%). Compared with Q3 2025, it sold out of 2, added to 7 and reduced 28. The biggest buy was Commerce Bancshares (CBSH, shares +53%) and the biggest sale an exit from FMC (FMC).
- Most Recent 13F
- Q2 2026
- Location
- MINNETONKA, MN
- CIK
- 0000900169
- Portfolio Value
- $462.0M (Q4 2025)
- SEC Filing
- 0000900169-26-000001 ↗ filed Jan 29, 2026
Holdings Value
Holdings 42 stocks · $462.0M
| WTM White Mountains Insurance GP | 4.80% | 10,672 | $22.2M | Reduce -5.2% |
| HXL Hexcel Corp. | 4.56% | 284,905 | $21.1M | Reduce -13.5% |
| CBSH Commerce Bancshares Inc. | 4.06% | 357,936 | $18.7M | Add +53.5% |
| RPM RPM International Inc. | 3.55% | 157,660 | $16.4M | Reduce -5.5% |
| ARW Arrow Electronics Inc. | 3.46% | 145,231 | $16.0M | Reduce -5.5% |
| TTC Toro Co. | 3.35% | 196,634 | $15.5M | Reduce -5.8% |
| WAB Wabtec Corp. | 3.34% | 72,387 | $15.5M | Reduce -5.3% |
| TSCO Tractor Supply Company | 3.33% | 307,359 | $15.4M | Add +22.0% |
| MGEE Mge Energy Inc. | 3.32% | 195,596 | $15.3M | Add +44.3% |
| GNTX Gentex Corp. | 3.28% | 650,913 | $15.1M | Reduce -5.6% |
| IEX Idex Corp. | 3.28% | 85,112 | $15.1M | Reduce -4.8% |
| CASS Cass Information Systems Inc. | 3.28% | 364,597 | $15.1M | Add +3.9% |
| MSA Msa Safety Inc. | 3.23% | 93,158 | $14.9M | Add +23.7% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 3.19% | 73,241 | $14.8M | Reduce -22.1% |
| SON Sonoco Products Co. | 3.13% | 331,607 | $14.5M | Reduce -5.5% |
| ZBH Zimmer Biomet Holdings Inc. | 3.02% | 155,178 | $14.0M | Reduce -22.2% |
| ORLY O'reilly Automotive Inc. | 2.93% | 148,154 | $13.5M | Reduce -5.2% |
| STE Steris PLC | 2.86% | 52,065 | $13.2M | Reduce -5.3% |
| SJM The JM Smucker Co. filed as SMUCKER J M CO | 2.74% | 129,299 | $12.6M | Reduce -21.3% |
| BRO Brown & Brown Inc. | 2.71% | 157,113 | $12.5M | Add +65.8% |
| AZZ Azz Inc. | 2.63% | 113,313 | $12.1M | Add +37.0% |
| ATR Aptargroup Inc. | 2.48% | 93,908 | $11.5M | Reduce -5.6% |
| LH Labcorp Holdings Inc. | 2.45% | 45,125 | $11.3M | Reduce -5.7% |
| MWA Mueller Water Products Inc. Class A | 2.41% | 467,585 | $11.1M | Reduce -4.8% |
| DVN Devon Energy Corp. | 2.41% | 303,613 | $11.1M | Reduce -6.2% |
| KEYS Keysight Technologies Inc. | 2.28% | 51,907 | $10.5M | Reduce -34.8% |
| TFX Teleflex Inc. | 2.21% | 83,601 | $10.2M | Reduce -5.8% |
| CASY Casey's General Stores Inc. | 2.20% | 18,405 | $10.2M | Reduce -4.1% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 2.20% | 144,862 | $10.2M | Reduce -5.4% |
| CHRW C.H. Robinson Worldwide Inc. | 2.19% | 62,839 | $10.1M | Reduce -24.4% |
| MHK Mohawk Industries Inc. | 2.18% | 92,052 | $10.1M | Reduce -5.4% |
| DVA Davita Inc. | 2.18% | 88,552 | $10.1M | Reduce -5.3% |
| NTRS Northern Trust Corp. | 1.93% | 65,340 | $8.9M | Reduce -4.8% |
| REVG Rev Group Inc. | 1.50% | 114,016 | $6.9M | Reduce -5.7% |
| WSM Williams-Sonoma Inc. | 0.34% | 8,888 | $1.6M | No change |
| MCY Mercury General Corp. | 0.30% | 14,586 | $1.4M | No change |
| ETN Eaton Corp. PLC | 0.26% | 3,775 | $1.2M | Reduce -3.9% |
| NSIT Insight Enterprises Inc. | 0.11% | 6,244 | $509K | No change |
| HSIC Henry Schein Inc. | 0.10% | 6,166 | $466K | No change |
| WERN Werner Enterprises Inc. | 0.09% | 14,563 | $437K | No change |
| PGR Progressive Corp. | 0.07% | 1,426 | $325K | No change |
| LEG Leggett & Platt Inc. | 0.06% | 27,094 | $298K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| FMC FMC Corp. | Sold out | 0.00% | −2.07 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -22.2% | 3.02% | −0.91 |
| HRL Hormel Foods Corp. | Sold out | 0.00% | −0.83 |
| SJM The JM Smucker Co. | Reduce -21.3% | 2.74% | −0.83 |
| GNTX Gentex Corp. | Reduce -5.6% | 3.28% | −0.62 |
| MTB M & T Bank Corp. | Reduce -22.1% | 3.19% | −0.52 |
| KEYS Keysight Technologies Inc. | Reduce -34.8% | 2.28% | −0.50 |
| ORLY O'reilly Automotive Inc. | Reduce -5.2% | 2.93% | −0.44 |
| RPM RPM International Inc. | Reduce -5.5% | 3.55% | −0.38 |
| MHK Mohawk Industries Inc. | Reduce -5.4% | 2.18% | −0.33 |
| DVA Davita Inc. | Reduce -5.3% | 2.18% | −0.30 |
| LH Labcorp Holdings Inc. | Reduce -5.7% | 2.45% | −0.29 |
| ARW Arrow Electronics Inc. | Reduce -5.5% | 3.46% | −0.25 |
| ATR Aptargroup Inc. | Reduce -5.6% | 2.48% | −0.18 |
| WRB WR Berkley Corp. | Reduce -5.4% | 2.20% | −0.15 |
| MWA Mueller Water Products Inc. Class A | Reduce -4.8% | 2.41% | −0.09 |
| ETN Eaton Corp. PLC | Reduce -3.9% | 0.26% | −0.03 |
| CHRW C.H. Robinson Worldwide Inc. | Reduce -24.4% | 2.19% | −0.01 |
| CASY Casey's General Stores Inc. | Reduce -4.1% | 2.20% | +0.03 |
| TFX Teleflex Inc. | Reduce -5.8% | 2.21% | +0.04 |
| NTRS Northern Trust Corp. | Reduce -4.8% | 1.93% | +0.09 |
| SON Sonoco Products Co. | Reduce -5.5% | 3.13% | +0.11 |
| REVG Rev Group Inc. | Reduce -5.7% | 1.50% | +0.13 |
| STE Steris PLC | Reduce -5.3% | 2.86% | +0.14 |
| DVN Devon Energy Corp. | Reduce -6.2% | 2.41% | +0.14 |
| TTC Toro Co. | Reduce -5.8% | 3.35% | +0.17 |
| WAB Wabtec Corp. | Reduce -5.3% | 3.34% | +0.28 |
| IEX Idex Corp. | Reduce -4.8% | 3.28% | +0.37 |
| HXL Hexcel Corp. | Reduce -13.5% | 4.56% | +0.43 |
| WTM White Mountains Insurance GP | Reduce -5.2% | 4.80% | +1.04 |
Portfolio Buys Q3 2025 → Q4 2025
| CBSH Commerce Bancshares Inc. | Add +53.5% | 4.06% | +1.27 |
| MGEE Mge Energy Inc. | Add +44.3% | 3.32% | +1.04 |
| BRO Brown & Brown Inc. | Add +65.8% | 2.71% | +0.93 |
| AZZ Azz Inc. | Add +37.0% | 2.63% | +0.83 |
| MSA Msa Safety Inc. | Add +23.7% | 3.23% | +0.64 |
| CASS Cass Information Systems Inc. | Add +3.9% | 3.28% | +0.52 |
| TSCO Tractor Supply Company | Add +22.0% | 3.33% | +0.47 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 37 | $467.7M | CBSH, WTM, MGEE, CASS, STE |
| Q1 2026 | 38 | $439.0M | WTM, CBSH, HXL, SON, CASS |
| Q4 2025 | 42 | $462.0M | WTM, HXL, CBSH, RPM, ARW |
| Q3 2025 | 44 | $500.5M | HXL, RPM, ZBH, GNTX, WTM |
| Q2 2025 | 43 | $491.1M | WTM, ARW, HXL, RPM, MTB |
| Q1 2025 | 42 | $485.6M | WTM, ZBH, FMC, RPM, SJM |
| Q4 2024 | 41 | $506.9M | FMC, WTM, RPM, ZBH, HXL |
| Q3 2024 | 42 | $541.3M | FMC, RPM, ZBH, WTM, ARW |
| Q2 2024 | 42 | $489.0M | FMC, WTM, ZBH, RPM, MTB |
| Q1 2024 | 43 | $517.4M | WTM, ZBH, RPM, MTB, GNTX |