CDW

CDW

CDW

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q3	Sep 30, 2023	Fenimore Dividend Focus Strategy	-2.6%	-	AVY, CDW, CTAS, MCHP, THG, TT	-			View
2023 Q3	Sep 30, 2023	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	-2.8%	-	CDW, ZBRA	-			View
2025 Q2	Jul 22, 2025	Madison Investors Fund	3.1%	2.3%	ABNB, ACGL, ADI, BRK/A, CDW, FERG, FI	Compounding, Discipline, downside risk, fundamentals, Quality	The letter emphasizes long-term fundamental investing with a focus on business quality and downside risk management. Management highlights disciplined security selection over macro forecasting. Steady compounding is expected as fundamentals drive returns over time.	CDW ABNB ACGL FI ADI FERG	View
2025 Q2	Jun 30, 2025	Cooper Investors Global Equities Fund (Unhedged)	5.2%	-	BME LN, CDW, G24 GR, TKO	cash flow, inflation protection, Pricing Power, real assets, royalties	The letter emphasizes real assets and asset-light franchises with durable economics and low correlation to financial markets. Royalty businesses and unique content platforms are highlighted as sources of long-term value and inflation protection. Assets with pricing power and longevity are favored over highly financialized structures.	CDW BME LN TKO G24 GR	View
2024 Q2	Jun 30, 2024	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	-4.7%	-	ADI, APH, CDW, FBIN, IEX, KEYS	-			View
2023 Q2	Jun 30, 2023	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	4.4%	-	APH, BRO, CDW	-			View
2024 Q1	Apr 15, 2024	Wedgewood Partners	5.8%	22.4%	BKNG, CDW, CPRT, META, POOL, PYPL, SPGI, V	-			View
2024 Q4	Mar 11, 2025	Argosy Investors	-	-	ALNT, CDW, CSWI, DAVA, TOI CN	-			View
2024 Q4	Dec 31, 2024	Madison Mid Cap Fund	-1.9%	10.3%	ACGL, BAM, CDW, KMX	-			View
2024 Q4	Dec 31, 2024	Fenimore Dividend Focus Strategy	-5.2%	7.6%	BR, CDW, MCHP, PAYX, TT	-			View
2024 Q4	Dec 31, 2024	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	0.0%	15.6%	BKNG, CDW, KMX, MCHP, SSB	-			View
2023 Q4	Dec 31, 2023	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	11.3%	16.1%	APD, CDW, MKL, ROST, WAT	-			View
2025 Q3	Oct 9, 2025	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	1.4%	-	A, APH, BRO, CDW, LSTR, ROST, WAT	AI, industrials, Logistics, retail, value	The fund highlights positions in Ross Stores and Amphenol, benefiting from AI data center buildouts and improving retail margins. New buys like Agilent and Landstar reflect a focus on resilient industrial and analytical businesses poised for cyclical normalization. Management stresses patience and capital-light models amid market rotation.	LSTR US A US ROST US APH US	View
2024 Q3	Oct 16, 2024	Wedgewood Partners	5.8%	22.4%	AAPL, CDW, CPRT, EW, GOOG, META, MSFT, MSI, POWL, PYPL, UNH	-			View
2023 Q3	Oct 15, 2023	Madison Mid Cap Fund	7.2%	12.4%	CDW, DLTR, KMX, MKSI	-			View
2025 Q3	Oct 14, 2025	Wedgewood Partners	5.9%	6.2%	BKNG, CDW, CPRT, GOOG, META, MSFT, PYPL, TSM	Artificial Intelligence, Data centers, energy, Leverage, semiconductors	Wedgewood warns of an unsustainable AI capital spending boom reminiscent of past tech bubbles. It highlights mounting corporate leverage and grid strain from AI data center expansion, raising concerns about long-term returns. The letter praises firms like TSMC, Microsoft, and Meta for disciplined execution but cautions that AIs debt-fueled growth could become cyclical.	MSFT US META US PYPL US GOOGL US	View
2024 Q3	Oct 14, 2024	Right Tail Capital	0.0%	10.3%	CDW, NSIT	-			View
2025 Q4	Jan 30, 2026	Unison Asset Management	0.0%	0.0%	AAPL, AMAT, AXP, BAC, BRK-B, CDW, DE, ELV, GOOGL, JPM, LMT, META, NOC, NU, NVDA, ONON, TSLA, TSM, UNH, WFC	AI, Cloud, Long Term, semiconductors, technology, value	AI continues to assert itself across markets and the real economy in ways that demand to be addressed. The race is for AGI, with wealth accruing to whoever reaches it first. Big Tech's AI spending accounts for roughly 90% of corporate capex and contributes an estimated half of total U.S. GDP growth in 2025. TSMC represents a durable bottleneck in the infrastructure layer—the point of least slack in the global silicon supply chain. All roads lead to TSMC, with approximately 67% share of global foundry revenue and roughly 90% share of leading-edge nodes. Alphabet's cloud business made meaningful progress with revenue expected to reach approximately $57 billion (+32% YoY), while operating profit is projected to nearly double. Revenue backlog is growing faster than reported revenue, underscoring the persistent supply-demand imbalance. By designing proprietary silicon and committing to capital outlays for data centers on a financial scale attainable by only a handful of nation-states, these firms have constructed a physical moat that is, for all practical purposes, unreplicable. On Holding represents a play on the growing scarcity of the real. As digital marketing becomes commoditized and AI floods the world with generic content, value migrates toward physical community and technical prestige. On is selling membership in a curated, physical ecosystem that AI cannot replicate.	AMRZ HOLN SW NU ONON BRK.B TSM GOOGL	View
2025 Q4	Jan 29, 2026	Weitz Multi Cap Equity Fund	-1.5%	3.2%	ACN, BRK-B, CDW, CHTR, CMCSA, CSGP, DHR, GOOGL, HEI, IDXX, IEX, IT, KMX, LBRDA, LH, LKQ, META, PRM, SIRI, TECH	healthcare, multi-cap, technology, Telecom, underperformance, value	Google's Gemini AI surpassed expectations with latest release, moving to front of pack among frontier models according to industry benchmarks. Investors questioning value of Gartner's research offerings in rapidly evolving GenAI landscape. Heightened competition continues weighing on broadband investments including Liberty Broadband and Charter Communications. Charter's capital investment cycle beginning to ease, expected to improve free cash flow and support share repurchases at depressed prices. CarMax faces challenging environment with constrained availability and affordability of late model used vehicles. Online competitor Carvana taking share while CarMax's omni-channel investments have yet to deliver improvements, leading to strategic changes and CEO departure.	CHTR KMX PRM	View
2025 Q4	Jan 20, 2026	Madison Large Cap Fund	3.4%	3.4%	A, ACGL, ADI, AMZN, BN, CDW, CPRT, DHR, FERG, FI, GOOGL, HON, KEYS, LOW, NKE, PCAR, PGR, PH, TXN, WDAY	AI, Automation, financials, industrials, large cap, Quality, technology, value	The portfolio is populated with high-quality, durable businesses across a wide range of industries, selling for reasonable prices. The fund invests in the proven over the promise, the long-term over the short-term, and durability over momentum. This focus on quality businesses has been a strong foundation for attractive long-term investment performance. Alphabet released new AI models that gave investors further confidence that the company is well positioned for growth. Workday is investing in commercializing AI agents, which should be additive to revenue growth. The fund acknowledges heightened concerns of AI-related disruption affecting some businesses. Honeywell is undergoing a portfolio transformation with the anticipated separation of the aerospace and automation businesses in the second half of 2026. This separation will further enhance the return on invested capital and growth opportunities for each business.	WDAY FISV	View
2025 Q4	Jan 20, 2026	Madison Mid Cap Fund	-1.2%	1.8%	ACGL, ANET, AOS, APH, BRO, CDW, EXPD, FND, LBRDA, MCHP, MKSI, MSA, PCAR, ROST, TDY, TECH, TREX, TTAN, WAT, WRB	AI, financials, industrials, mid cap, Quality, technology, value	The fund focuses on high-quality, highly profitable, durable businesses with shareholder-oriented management teams selling below intrinsic value assessments. This quality-focused approach has historically provided strong long-term performance despite being temporarily out of favor in speculative market environments. Several portfolio companies are benefiting from AI-related applications and data center spending. MKS's Electronics and Packaging business shows accelerating growth partly due to AI applications, while Amphenol's IT/Datacom business produces spectacular organic growth driven by AI-related data center spending.	MCHP MSA AOS TTAN BIO ROST	View
2025 Q4	Jan 14, 2026	Wedgewood Partners	-1.8%	4.3%	AAPL, AMZN, BKNG, CB, CDW, CPRT, EW, GOOGL, META, MSI, ODFL, ORLY, POOL, PYPL, SPGI, TSCO, TSM, UNH, URI, V	AI, growth, large cap, Portfolio Management, Quality, technology, valuation	AI continues to drive significant revenue growth across portfolio companies. Google Cloud processes 1.3 quadrillion AI tokens per month, more than double from just a few quarters ago. Meta has been using AI tools for over a decade to manage their massive network, with their Andromeda machine learning system automatically retrieving and ranking tens of millions of potential ads based on user preferences. Taiwan Semiconductor Manufacturing continues to execute flawlessly on leading-edge node progression and capacity build-out, enabling the AI era by manufacturing nearly every compute accelerator including GPUs. The company's advanced nodes allow accelerator designers greater flexibility to increase performance while limiting power requirements in an increasingly power-constrained compute infrastructure industry. Google Cloud segment revenue and backlog growth accelerated, driven by AI workloads. Amazon's AWS has fostered some of the largest businesses in the world over the past 20 years, with revenue growth accelerating to over 20% as the company deployed almost 4 gigawatts of capacity for AI-workloads over the past 12 months. The manager expresses significant concern about excessive market valuations, noting that more than 30% of US market capitalization now trades above 10x sales, reminiscent of the tech bubble. The crowded AI trade and historically rich valuations are described as haunting prudent investing, with even most non-Magnificent Seven stocks failing to offer bargains. The manager has trafficked in quality stocks for more than 33 years, an approach that has served clients well since 1992 but did not work in 2025. The portfolio's fundamentals, prospective earnings growth rates, profitability measures, and balance sheet strength are notably superior to the S&P 500 Index and on par with the Russell 1000 Growth Index.	PYPL TSCO URI MSI META EW ODFL AAPL TSM GOOG CB AMZN	View
2025 Q4	Jan 13, 2026	Fenimore Dividend Focus Strategy	-4.4%	1.9%	AJG, APH, AVY, BR, CDW, CTAS, HEI, HLI, IEX, JKHY, MCHP, MLM, PAYX, ROST, RSG, STE, SYK, TT, VRSK, WSO	AI, dividends, healthcare, mid cap, Quality, technology, value	Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation. Quality as a factor remained out of favor despite many businesses showing strong long-term fundamental prospects. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run. AI excitement and related infrastructure builds continued to drive the market, drawing capital away from nearly every other area. Investor enthusiasm was driven toward businesses with AI-related exposures. Amphenol benefited from data center buildouts supporting AI, with its IT Datacom segment growing 128% organically. Dividend-paying companies lagged non-dividend-paying companies by more than 50%. On average, portfolio holdings raised their dividends 9% over 2025, in line with their earnings growth. The top three dividend raisers were Amphenol (55%), Cintas (15%), and Verisk Analytics (15%). Valuations for portfolio companies are becoming more attractive while other indices become more overvalued. The fund sees compelling valuations within the portfolio, which management believes sets the fund up for solid future performance. Many quality franchises are trading at relative multi-year lows.	TT APH JKHY ROST	View
2023 Q2	Jul 22, 2023	Cooper Investors Global Equities Fund (Unhedged)	5.5%	5.4%	CDW, TSMC34 BZ	-			View
2024 Q2	Jul 20, 2024	Aoris International Fund	3.1%	0.0%	CDW, MC FP, MSCI, NVDA	-			View
2024 Q2	Jul 15, 2024	Wedgewood Partners	5.8%	22.4%	AAPL, BKNG, CDW, GOOG, MSI, ODFL, POOL, PYPL, TSM, V	-			View
2023 Q2	Jul 14, 2023	Wedgewood Partners	5.8%	22.4%	AAPL, CDW, CPRT, GOOG, META, MSFT, PYPL, TPL, TSCO	-			View
2023 Q2	Jun 30, 2023	FMI All Cap Equity	-1.8%	11.2%	CDW, RHI	-			View
2023 Q2	Jun 30, 2023	FMI Large Cap Equity	-4.0%	10.5%	CDW	-			View
2024 Q4	Jan 28, 2025	Aoris International Fund	-	22.9%	APH, CDW, CPG LN, DPLM LN, HLMA LN, MC FP, MSCI, OR FP, RELX, SHW, TSCO, V	-			View
2022 Q4	Jan 19, 2023	Wedgewood Partners	5.8%	22.4%	AAPL, CDW, EW, GOOG, META, MSI, PYPL, TPL, TSCO, V	-			View
2024 Q4	Jan 15, 2025	Wedgewood Partners	5.5%	29.1%	CDW, EW, NVDA, ORLY, TPL, TSCO, TSM	-			View
2022 Q4	Jan 3, 2023	RiverPark Long/Short Opportunity Fund	0.6%	11.1%	9WY, AAPL, ADYE AV, CDW, EW, FSR, GOOGL, META, MSI, PYPL, SI, SW, THRY, TSCO, V	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 8, 2026	Fund Letters	Rich Eisinger	CDW Corporation	Information Technology	IT Services & Consulting	Bull	NASDAQ	Distribution, Hardware, Itservices, Margins, Replacementcycle	View Pitch
Dec 5, 2025	Fund Letters	Peter Cooper	CDW Corporation	Information Technology	IT Consulting & Other Services	Bear	NASDAQ	Cyclicality, Hardware, It, Risk, spending	View Pitch
Nov 29, 2025	Fund Letters	Wally Weitz	CDW Corp.	Information Technology	Technology Distributors	Bull	NASDAQ	backlog, buybacks, Channel partner, Gross profit dollars, Hardware refresh, ROIC, VAR	View Pitch
Nov 28, 2025	Fund Letters	Wally Weitz	CDW Corp.	Information Technology	Technology Distributors	Bull	NASDAQ	backlog, buybacks, Channel partner, Gross profit dollars, Hardware refresh, ROIC, VAR	View Pitch
Aug 7, 2025	Seeking Alpha	Dividend Yield Theorist	CDW Corporation	Information Technology	Information Technology Services	Bear	NASDAQ	—	View Pitch
Aug 7, 2025	Seeking Alpha	Emmanuel Onwusah	CDW Corporation	Information Technology	Information Technology Services	Neutral	NASDAQ	—	View Pitch

BSD Shareholders of CDW

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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