LFL Advisers portfolio

What changed this quarter

3 positions with a change (2 added to, 1 trimmed). 3 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Sunbelt Rentals Holdings−18%fewer sharesReduced
  12.8% → 10.8%
• Progressive+23%more sharesIncreased
  8.4% → 10.1%
• Aon+7.9%more sharesIncreased
  12.3% → 12.1%

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

• Bank of New York MellonBNY17.8%Since at least Q4 2016 · 39 quartersDetails ▾
• Lamar AdvertisingLAMR13.1%Since at least Q4 2016 · 39 quartersDetails ▾
• TE ConnectivityTEL12.5%Since at least Q4 2016 · 39 quartersDetails ▾
• AonAON12.1%Since Q4 2020 · 23 quartersDetails ▾
• Sunbelt Rentals HoldingsSUNB10.8%Since Q1 2026 · 2 quartersDetails ▾
• ProgressivePGR10.1%Since at least Q4 2016 · 39 quartersDetails ▾
• AutolivALV9.8%Since Q2 2019 · 29 quartersDetails ▾
• AlphabetGOOG9.6%Since Q1 2020 · 26 quartersDetails ▾
• Berkshire HathawayBRK/B4.2%Since at least Q4 2016 · 39 quartersDetails ▾

“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.