River Road Asset Management portfolio

What changed this quarter

175 positions with a change (12 new, 29 added to, 120 trimmed, 14 sold); also, 1 entered through an IPO. 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• StandardAero+2.2 ppof portfolioNew
  — → 2.2%
• Murphy USA−73%fewer sharesReduced
  2.2% → 0.6%
• Unifirst−90%fewer sharesReduced
  1.4% → 0.1%
• Meta Platforms+24,781%more sharesIncreased
  under 0.1% → 1.1%
• A. O. Smith+0.9 ppof portfolioNew
  — → 0.9%
• Spire+0.9 ppof portfolioNew
  — → 0.9%
• Chemed+232%more sharesIncreased
  0.3% → 1.2%
• Delta Air Lines−93%fewer sharesReduced
  0.8% → 0.1%
• Union Pacific−55%fewer sharesReduced
  1.3% → 0.7%
• Armstrong World Industries+149%more sharesIncreased
  0.5% → 1.2%
• Assured Guaranty−39%fewer sharesReduced
  1.7% → 1.0%
• Amrize+49%more sharesIncreased
  1.4% → 2.0%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• Bj’s Wholesale Club HoldingsBJ3.3%
• McGRATH RENTCORPMGRC2.8%
• White Mountains Insurance GroupWTM2.7%
• CorecivicCXW2.4%
• Berkshire HathawayBRK/B2.4%
• Lithia MotorsLAD2.2%
• StandardAeroSARO2.2%
• Mid-america Apartment CommunitiesMAA2.0%
• AmrizeAMRZ2.0%
• AptarGroupATR1.9%
• GXO LogisticsGXO1.8%
• Labcorp HoldingsLH1.8%
• Cooper CompaniesCOO1.6%
• Genworth FinancialGNW1.5%
• American ExpressAXP1.5%
• Cal-maine FoodsCALM1.5%
• ePlusPLUS1.5%
• CRH publicCRH1.5%
• Pursuit Attractions and HospitalityPRSU1.2%
• Armstrong World IndustriesAWI1.2%
• ChemedCHE1.2%
• Walt DisneyDIS1.2%
• International Flavors & FragrancesIFF1.2%
• ProgressivePGR1.1%
• CACI InternationalCACI1.1%
• Axis Capital HoldingsAXS1.1%
• Meta PlatformsMETA1.1%
• Willis Towers WatsonWTW1.1%
• HaemoneticsHAE1.1%
• VontierVNT1.1%
• Constellation EnergyCEG1.0%
• Delek US HoldingsDK1.0%
• Assured GuarantyAGO1.0%
• Smith & NephewSNN1.0%
• ICU MedicalICUI1.0%
• Amazon.comAMZN1.0%
• GE Healthcare TechnologiesGEHC0.9%
• A. O. SmithAOS0.9%
• Sprouts Farmers MarketSFM0.9%
• First Citizens BancsharesFCNCA0.9%
• Ingles MarketsIMKTA0.9%
• UFP IndustriesUFPI0.9%
• Willscot HoldingsWSC0.9%
• SpireSR0.9%
• Southwest Gas HoldingsSWX0.9%
• PriceSmartPSMT0.9%
• MDU Resources GroupMDU0.8%
• TeleflexTFX0.8%
• Vail ResortsMTN0.7%
• Paycom SoftwarePAYC0.7%
• Keurig Dr PepperKDP0.7%
• United Parks & ResortsPRKS0.7%
• Becton, DickinsonBDX0.7%
• DoleDOLE0.7%
• WEXWEX0.7%
• Union PacificUNP0.7%
• UGIUGI0.7%
• Murphy USAMUSA0.6%
• Wells FargoWFC0.6%
• Northwestern Energy GroupNWE0.6%
• Titan AmericaTTAM0.6%
• Owens CorningOC0.6%
• RayonierRYN0.6%
• Rentokil InitialRTO0.6%
• DNOWDNOW0.6%
• LGI HomesLGIH0.6%
• Permian ResourcesPR0.6%
• Science Applications InternationalSAIC0.6%
• Asbury Automotive GroupABG0.6%
• IconICLR0.6%
• Trinity IndustriesTRN0.5%
• Genuine PartsGPC0.5%
• TD SynnexSNX0.5%
• Ingram Micro HoldingINGM0.5%
• MaximusMMS0.5%
• Radian GroupRDN0.5%
• CNA FinancialCNA0.4%
• Carlisle CompaniesCSL0.4%
• Hub GroupHUBG0.4%
• Howard Hughes HoldingsHHH0.4%
• Lockheed MartinLMT0.4%
• Huntington Ingalls IndustriesHII0.4%
• Simply Good FoodsSMPL0.4%
• Nomad FoodsNOMD0.4%
• BioMarin PharmaceuticalBMRN0.3%
• Independence Realty TrustIRT0.3%
• Cannae HoldingsCNNE0.3%
• KrogerKR0.3%
• LKQLKQ0.3%
• American Centy ETF TrAVLV0.3%
• Ridgepost CapitalRPC0.3%
• UnileverUL0.3%
• EnovisENOV0.3%
• Janus International GroupJBI0.3%
• WESCO InternationalWCC0.3%
• CNH IndustrialCNH0.3%
• DeereDE0.2%
• Alamo GroupALG0.2%
• Royalty PharmaRPRX0.2%
• HF SinclairDINO0.2%