Advisory Research portfolio

What changed this quarter

78 positions with a change (1 new, 45 added to, 29 trimmed, 3 sold); also, 1 entered through an IPO. 5 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Myers Industries+22%more sharesIncreased
  4.0% → 6.5%
• Openlane+20%more sharesIncreased
  4.6% → 6.3%
• LATAM Airlines Group+178%more sharesIncreased
  0.6% → 1.6%
• Emerald Holding−0.8 ppof portfolioSold out
  1.0% → —
• JBT Marel+35%more sharesIncreased
  2.2% → 2.7%

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

• Myers IndustriesMYE6.5%
• OpenlaneOPLN6.3%
• TrimasTRS5.4%
• Taiwan Semiconductor ManufacturingTSM4.0%
• BEL FuseBELFB3.9%
• Pursuit Attractions and HospitalityPRSU3.7%
• AlphabetGOOGL3.4%
• Keurig Dr PepperKDP2.8%
• JBT MarelJBTM2.7%
• Daily JournalDJCO2.5%
• BroadcomAVGO2.5%
• Legacy HousingLEGH2.4%
• MGIC InvestmentMTG2.3%
• Philip Morris InternationalPM2.2%
• National Presto IndustriesNPK2.0%
• American Electric PowerAEP2.0%
• AbbVieABBV1.9%
• TapestryTPR1.9%
• ACV AuctionsACVA1.8%
• MicrosoftMSFT1.6%
• LATAM Airlines GroupLTM1.6%
• CME GroupCME1.5%
• KB Financial GroupKB1.4%
• Lamar AdvertisingLAMR1.3%
• HubbellHUBB1.3%
• GSKGSK1.1%
• Marathon PetroleumMPC1.0%
• Meta PlatformsMETA1.0%
• Matador ResourcesMTDR0.9%
• ComcastCMCSA0.9%
• British American Tobacco p.l.c.BTI0.9%
• Lam ResearchLRCX0.9%
• APAAPA0.8%
• Ferguson EnterprisesFERG0.8%
• iShares 0-3 Month Treasury B ETFSGOV0.8%
• IntuitINTU0.7%
• Vanguard Ultra Short Bond ET ETFVUSB0.6%
• Performance Food GroupPFGC0.6%
• Nicolet BanksharesNIC0.6%
• M-tron IndustriesMPTI0.6%
• DanaosDAC0.6%
• Vanguard S/t Corp Bond ETFVCSH0.5%
• Steel DynamicsSTLD0.5%
• Southstate BankSSB0.5%
• Vanguard Short-term Treasury ETFVGSH0.5%
• Midera Food ProcessingMFP0.4%
• Vanguard Int-term Corporate ETFVCIT0.4%
• ArcosaACA0.4%
• iShares 0-1 Year Treasury BO ETFSHV0.4%
• ACM ResearchACMR0.4%
• Cal-maine FoodsCALM0.4%
• ValvolineVVV0.4%
• Invesco Exchange Traded Fund TRSP0.3%
• iShares 1-5y INV Grade ETFIGSB0.3%
• AmgenAMGN0.3%
• NetAppNTAP0.3%
• HealthequityHQY0.3%
• Home DepotHD0.3%
• AppleAAPL0.3%
• iShares 5-10y INV Grade ETFIGIB0.3%
• EMCOR GroupEME0.3%
• Molson Coors BeverageTAP0.3%
• Jefferies Financial GroupJEF0.3%
• Bowhead Specialty HoldingsBOW0.3%
• First MerchantsFRME0.3%
• Eagle MaterialsEXP0.3%
• Alkami TechnologyALKT0.3%
• Vanguard Dividend Apprec ETFVIG0.3%
• Lockheed MartinLMT0.3%
• Vanguard S&P 500 ETFVOO0.3%
• TerexTEX0.2%
• Western Alliance BancorporationWAL0.2%
• Advance Auto PartsAAP0.2%
• CDWCDW0.2%
• nVent ElectricNVT0.2%
• Asbury Automotive GroupABG0.2%
• Super Group (SGHC)SGHC0.2%
• FlywireFLYW0.2%
• AccentureACN0.2%
• ARES ManagementARES0.2%
• Vanguard Ftse Developed ETFVEA0.2%
• State Street SPDR S&P Biotech ETFXBI0.2%
• NRG EnergyNRG0.2%
• OracleORCL0.2%
• TennantTNC0.2%
• JPMorgan ChaseJPM0.2%
• Vail ResortsMTN0.2%
• Axos FinancialAX0.2%
• iShares MBS ETFMBB0.2%
• Bank of AmericaBAC0.2%
• Unum GroupUNM0.2%
• Vanguard Index FundsVO0.2%
• Element SolutionsESI0.2%
• TD SynnexSNX0.2%
• Union PacificUNP0.2%
• Encompass HealthEHC0.2%
• Berkshire HathawayBRK/B0.2%
• Allison Transmission HoldingsALSN0.1%
• SpireSR0.1%
• Regal RexnordRRX0.1%