Cooke & Bieler portfolio

What changed this quarter

97 positions with a change (4 new, 10 added to, 79 trimmed, 4 sold). 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Charles River Laboratories International−43%fewer sharesReduced
  2.0% → 2.0%
• Waters−83%fewer sharesReduced
  0.9% → 0.3%
• Asbury Automotive Group+0.8 ppof portfolioNew
  — → 1.0%
• Fuller H B−0.7 ppof portfolioSold out
  0.7% → —
• Renaissancere Holdings−26%fewer sharesReduced
  2.8% → 2.9%
• Esab+73%more sharesIncreased
  1.4% → 2.3%
• Arthur J. Gallagher−34%fewer sharesReduced
  2.0% → 1.8%
• Walt Disney−35%fewer sharesReduced
  1.7% → 1.6%
• Gildan Activewear−20%fewer sharesReduced
  3.9% → 3.5%
• ConocoPhillips−37%fewer sharesReduced
  1.5% → 1.5%
• Labcorp Holdings−27%fewer sharesReduced
  2.2% → 2.4%
• Becton, Dickinson−25%fewer sharesReduced
  2.0% → 2.4%

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

• Gildan ActivewearGIL3.5%
• RB GlobalRBA3.1%
• Renaissancere HoldingsRNR2.9%
• White Mountains Insurance GroupWTM2.8%
• Arch Capital GroupACGL2.7%
• Sunbelt Rentals HoldingsSUNB2.4%
• Becton, DickinsonBDX2.4%
• Labcorp HoldingsLH2.4%
• ESABESAB2.3%
• Crown CastleCCI2.2%
• Fidelity National FinancialFNF2.2%
• PPG IndustriesPPG2.0%
• Charles River Laboratories InternationalCRL2.0%
• Omnicom GroupOMC1.9%
• MSA SafetyMSA1.9%
• Ryman Hospitality PropertiesRHP1.8%
• Arthur J. GallagherAJG1.8%
• TeleflexTFX1.8%
• Brookfield Asset ManagementBAM1.7%
• AllegionALLE1.6%
• Walt DisneyDIS1.6%
• FiservFISV1.6%
• Occidental PetroleumOXY1.5%
• ConocoPhillipsCOP1.5%
• MiddlebyMIDD1.5%
• ValvolineVVV1.5%
• CBRE GroupCBRE1.5%
• AerCap HoldingsAER1.5%
• Warner Music GroupWMG1.4%
• BrookfieldBN1.4%
• AramarkARMK1.4%
• Glacier BancorpGBCI1.4%
• Essent GroupESNT1.4%
• Avery DennisonAVY1.4%
• WoodwardWWD1.2%
• HasbroHAS1.2%
• APi GroupAPG1.2%
• UnitedHealth GroupUNH1.2%
• IngredionINGR1.2%
• Carlisle CompaniesCSL1.2%
• ChubbCB1.1%
• Asbury Automotive GroupABG1.0%
• M&t BankMTB1.0%
• EOG ResourcesEOG1.0%
• Armstrong World IndustriesAWI1.0%
• Bank of AmericaBAC1.0%
• LKQLKQ0.9%
• International Flavors & FragrancesIFF0.8%
• Lithia MotorsLAD0.8%
• Kraft HeinzKHC0.8%
• MKSMKSI0.8%
• Verizon CommunicationsVZ0.7%
• Enerpac Tool GroupEPAC0.7%
• Dentsply SironaXRAY0.7%
• Tetra TechTTEK0.7%
• Markel GroupMKL0.7%
• MedtronicMDT0.6%
• UnileverUL0.6%
• Charles SchwabSCHW0.6%
• Automatic Data ProcessingADP0.6%
• TimkenTKR0.6%
• Columbia Banking SystemCOLB0.5%
• Integer HoldingsITGR0.5%
• ProgressivePGR0.5%
• Commerce BancsharesCBSH0.5%
• HNIHNI0.4%
• NXP SemiconductorsNXPI0.4%
• Winnebago IndustriesWGO0.4%
• ConmedCNMD0.4%
• CitigroupC0.4%
• WSFS FinancialWSFS0.4%
• BrightView HoldingsBV0.4%
• HCA HealthcareHCA0.4%
• Malibu BoatsMBUU0.3%
• Johnson & JohnsonJNJ0.3%
• Midera Food ProcessingMFP0.3%
• Tecnoglass HoldingsTGLS0.3%
• EPAM SystemsEPAM0.3%
• Varex ImagingVREX0.3%
• Stewart Information ServicesSTC0.3%
• Janus International GroupJBI0.3%
• Dream Finders HomesDFH0.3%
• WatersWAT0.3%
• PerrigoPRGO0.2%
• Rush EnterprisesRUSHA0.2%
• MasterBrandMBC0.2%
• InterparfumsIPAR0.2%
• Simpson ManufacturingSSD0.2%
• Louisiana-pacificLPX0.2%
• Burford CapitalBUR0.2%
• Gates IndustrialGTES0.1%
• AlphabetGOOGL · GOOGunder 0.1%
• Berkshire HathawayBRK/Bunder 0.1%
• State StreetSTTunder 0.1%
• TE ConnectivityTELunder 0.1%
• JPMorgan ChaseJPMunder 0.1%
• Philip Morris InternationalPMunder 0.1%
• Atmos EnergyATOunder 0.1%
• TJXTJXunder 0.1%