Fiduciary Management portfolio

What changed this quarter

66 positions with a change (4 new, 13 added to, 39 trimmed, 10 sold). 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Aramark−38%fewer sharesReduced
  5.3% → 5.3%
• Firstcash Holdings−79%fewer sharesReduced
  2.1% → 0.6%
• Arrow Electronics−1.9 ppof portfolioSold out
  1.9% → —
• Sysco−1.7 ppof portfolioSold out
  1.7% → —
• Carrier Global−46%fewer sharesReduced
  2.5% → 2.0%
• Ferguson Enterprises−37%fewer sharesReduced
  3.9% → 2.9%
• Charles Schwab−34%fewer sharesReduced
  4.0% → 3.0%
• Alphabet−1.2 ppof portfolioSold out
  1.2% → —
• Booking Holdings−21%fewer sharesReduced
  4.9% → 4.7%
• Berkshire Hathaway−53%fewer sharesReduced
  1.8% → 1.0%
• Coca-cola Europacific Partners−0.9 ppof portfolioSold out
  0.9% → —
• Masco−34%fewer sharesReduced
  1.8% → 1.8%

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

• AramarkARMK5.3%
• Booking HoldingsBKNG4.7%
• Insight EnterprisesNSIT3.8%
• Charles SchwabSCHW3.0%
• ValvolineVVV2.9%
• Hayward HoldingsHAYW2.9%
• Ferguson EnterprisesFERG2.9%
• CDWCDW2.8%
• Onemain HoldingsOMF2.7%
• Zions Bancorporation, National AssociationZION2.6%
• AptarGroupATR2.5%
• Gates IndustrialGTES2.5%
• Carlisle CompaniesCSL2.3%
• Cavco IndustriesCVCO2.2%
• Mueller Water ProductsMWA2.2%
• Avery DennisonAVY2.2%
• PrimericaPRI2.2%
• Henry ScheinHSIC2.2%
• Capital One FinancialCOF2.2%
• FTI ConsultingFCN2.0%
• Carrier GlobalCARR2.0%
• White Mountains Insurance GroupWTM2.0%
• Louisiana-pacificLPX2.0%
• UnitedHealth GroupUNH1.9%
• MascoMAS1.8%
• Becton, DickinsonBDX1.8%
• Houlihan LokeyHLI1.8%
• MSA SafetyMSA1.8%
• Arch Capital GroupACGL1.7%
• Huron Consulting GroupHURN1.7%
• Sunbelt Rentals HoldingsSUNB1.7%
• DonaldsonDCI1.6%
• AllegionALLE1.6%
• ProgressivePGR1.6%
• Core & MainCNM1.6%
• UnileverUL1.5%
• AccentureACN1.5%
• Fortune Brands InnovationsFBIN1.5%
• PNC Financial Services GroupPNC1.5%
• Quest DiagnosticsDGX1.5%
• Koninklijke PhilipsPHG1.3%
• Bj’s Wholesale Club HoldingsBJ1.2%
• Dollar TreeDLTR1.2%
• Simpson ManufacturingSSD1.2%
• Ryanair HoldingsRYAAY1.2%
• Berkshire HathawayBRK/B1.0%
• Fresenius Medical CareFMS0.9%
• Alliance Laundry HoldingsALH0.8%
• Robert HalfRHI0.7%
• Firstcash HoldingsFCFS0.6%
• InformaIFJPYunder 0.1%
• SodexoSDXAYunder 0.1%
• iShares Core S&P 500 ETFIVVunder 0.1%
• iShares Core S&P Small-cap E ETFIJRunder 0.1%
• Rexel SA - UnsponsoredRXEEYunder 0.1%
• EdenredEDNMYunder 0.1%