FERG

FERG

FERG

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q3	Sep 30, 2023	ClearBridge Mid Cap Growth Strategy	-	-	BKI, CASY, CMG, FERG, KEYS, SWAV, XPO	-			View
2023 Q2	Aug 1, 2023	Tall Oak Capital Advisors	-	-	CAT, FERG	-			View
2025 Q3	Jul 30, 2025	MSA Capital Partners Fund / Truffle Fund	-	17.3%	FERG, MNL GR, WINE LN	fundamentals, pricingpower, Quality, Resilience, ROIC	The letter stresses the advantage of owning structurally advantaged companies with stable business models, disciplined management, and predictable earnings. The manager argues that quality franchises deliver superior long-term returns through pricing power, high ROIC, and resilience to macro volatility. Quality remains a durable theme amid ongoing market concentration and cyclical dispersion.	FERG LN WINE LN	View
2025 Q2	Jul 27, 2025	Diamond Hill Large Cap Strategy	2.9%	4.3%	ADBE, AON, BRK/A, DIS, FERG, KMX, RRX, TXN	cash flow, Intrinsic Value, Large Caps, Quality, volatility	The commentary highlights high-quality large-cap companies trading below intrinsic value following tariff-driven volatility. Management focuses on strong cash generation, durable franchises, and disciplined capital allocation. Valuation gaps created by macro noise are positioned as opportunities.	ADBE FERG RRX	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
2024 Q4	Dec 31, 2024	Parnassus Core Equity Fund	0.3%	18.5%	AMZN, AVGO, BAC, BALL, CI, CME, CRM, DE, DHI, FERG, FI, INTL, KLAC, LIN, LLY, MDLZ, O, ORCL, SYY, VRTX, WDAY	-			View
2024 Q4	Dec 31, 2024	Parnassus Growth Equity Fund	4.9%	26.9%	AKAM, AMAT, AMD, AVGO, AZN, BSX, CRM, DASH, DDOG, EFX, EXAS, FERG, INTU, MC FP, MELI, MSFT, NTRA, NVDA, PCOR, TEAM, TMO, TSM, UNH, VRTX	-			View
2023 Q3	Nov 10, 2023	Right Tail Capital	0.0%	10.3%	CSU CN, FERG	-			View
2025 Q3	Oct 30, 2025	Argosy Investors	-	-	DAVA, DFH, FERG, NVO, POST, W	Artificial Intelligence, Auto Loans, Credit Risk, Housing, interest rates	The letter analyzed the failure of subprime auto lender Tricolor as an example of credit excesses fueled by lax underwriting and over-leverage, drawing parallels to pre-2008 housing dynamics. Portfolio updates reflected cautious trimming of housing-related names like Dream Finders Homes amid mixed interest rate signals and continued selective exposure to builders with deleveraging potential. The manager also noted AI-related overinvestment risks, preferring overlooked industrial and life sciences opportunities as valuations normalize.	DFH NVO DAVA POST DFH NVO DAVA POST	View
2022 Q3	Oct 25, 2022	FMI All Cap Equity	-1.8%	11.2%	AVY, BLK, CMCSA, FERG	-			View
2025 Q3	Oct 22, 2025	Brasada Focused Equity Strategy	-	-	AMD, AVGO, FERG, NVDA	AI, Housing, inflation, infrastructure, semiconductors	Brasada highlights AIs debt-fueled capital spending cycle as a late-stage bubble reminiscent of the telecom era. Managers remain selective, preferring high-quality platforms and suppliers like Broadcom and Ferguson with durable cash flows and pricing power. They see benefits in infrastructure, plumbing, and data center demand as inflation moderates and rates decline.	AVGO FERG AVGO FERG	View
2023 Q3	Oct 19, 2023	Giverny Capital Asset Management	7.0%	20.2%	AHT LN, CIEN, FERG, FI, SCHW, SSNC	-			View
2022 Q3	Oct 10, 2022	Merion Road Capital	5.4%	11.2%	CRMT, FERG, GOOG, PTON, SIX	-			View
2025 Q4	Jan 27, 2026	Giverny Capital Asset Management	0.0%	12.6%	ALGN, ANET, CACC, CSU.TO, FERG, FI, GOOGL, HEI, HWKN, IBP, JPM, KGIC, KMX, MA, MEDP, META, SCHW, TSM, TWFG, WSO	AI, HVAC, insurance, Quality, small caps, technology, value	Manager discusses AI's transformative potential while noting uncertainty around returns on massive infrastructure investments. Believes AI won't displace portfolio companies like HVAC distributors and insurance companies, which may gain efficiency advantages. Compares current AI buildout to historical railroad and telecom infrastructure booms where users benefited more than builders. Portfolio is significantly overweight smaller companies with 45% in companies below $54 billion market cap versus 12.5% for the S&P 500. Manager believes these market leaders in niche areas will outperform over time despite recent underperformance relative to mega-cap tech stocks. Manager emphasizes owning high-performing businesses with strong earnings growth and capital returns. Notes the S&P Quality Index underperformed in 2025 but believes quality usually wins in the end. Recent portfolio upgrades focused on improving returns on capital, earnings growth and management quality.	FISV CACC KMX ALGN WSO KNSL SCHW ANET	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
2023 Q2	Jul 25, 2023	Diamond Hill Large Cap Strategy	7.9%	14.7%	AIG, AMZN, DIS, FERG, HCA, KMX, MSFT	-			View
2023 Q2	Jul 25, 2023	Diamond Hill Mid Cap	8.3%	13.3%	ASH, CIEN, ENOV, FERG, LEA, PH, SBAC, ST, UGJ, WCC	-			View
2023 Q1	Mar 31, 2023	FMI All Cap Equity	-1.8%	11.2%	AVY, FERG	-			View
2022 Q4	Feb 14, 2023	Bonsai Partners	0.0%	-3.3%	FERG	-			View
2024 Q4	Jan 24, 2025	Giverny Capital Asset Management	0.8%	21.1%	AHT LN, ALGN, FERG, FI, IBP, KNSL, MEDP, MTB	-			View
2022 Q4	Jan 19, 2023	Merion Road Capital	5.4%	11.2%	CPRT, CRMT, FERG, GOOG, MHH, MWA, UBAB, WHG	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 23, 2026	Fund Letters	Matthew Kamm	Ferguson Enterprises Inc.	Industrials	Industrial Distribution	Bear	New York Stock Exchange	construction, Distribution, Housing, M&A, valuation	View Pitch
Jan 8, 2026	Fund Letters	Rich Eisinger	Ferguson Enterprises Inc.	Industrials	Industrial Distribution	Bull	New York Stock Exchange	construction, Distribution, HVAC, Margins, Pricing	View Pitch
Dec 5, 2025	Fund Letters	Chuck Bath	Ferguson plc	Industrials	Trading Companies & Distributors	Bull	NYSE	consolidation, construction, Distribution, HVAC, infrastructure, Margins, scale	View Pitch
Nov 29, 2025	Fund Letters	Jonathan Reichek	Ferguson plc	Industrials	Trading Companies & Distributors	Bull	NYSE	cashflow, Distribution, HVAC, infrastructure, M&A, Margins, Plumbing	View Pitch
Nov 28, 2025	Fund Letters	Jonathan Reichek	Ferguson plc	Industrials	Trading Companies & Distributors	Bull	NYSE	cashflow, Distribution, HVAC, infrastructure, M&A, Margins, Plumbing	View Pitch

BSD Shareholders of FERG

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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