FLR

FLR

FLR

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 27, 2025	Hotchkis & Wiley Mid-Cap Value Fund	3.6%	-2.2%	ADNT, AIG, APA, BPOP, CFG, ERIC, FFIV, FLR, KOS, MGA, OLN, STT	energy, financials, mid cap, Trade Policy, underperformance, value	Energy continues to be the portfolio's largest sector overweight, reflecting conviction in energy stocks trading at low multiples of normalized earnings and their potential to generate strong free cash flow. The fund holds multiple energy positions including offshore exploration and production companies like Kosmos Energy and APA Corp, despite concerns about OPEC+ production increases and slowing demand.	OLN APA KOS BPOP ADNT FLR	View
2025 Q1	Mar 31, 2025	Hotchkis & Wiley Mid-Cap Value Fund	-5.6%	-5.6%	ADNT, AIG, APA, BPOP, CFG, CVS, ERIC, FFIV, FLR, KOS, MGA, OLN, SMR	energy, financials, healthcare, inflation, mid cap, Recession, tariffs, value	The portfolio trades at 6x normal earnings versus Russell Midcap Value at 16x and Russell Midcap Growth at 28x. The fund exhibits an 11% earnings yield, providing attractive valuation particularly considering broad market frothy price multiples. The manager believes fundamentals should drive the market in an environment conducive to their value investment approach.	ADNT FLR KOS FFIV CVS AIG	View
2025 Q4	Feb 18, 2026	The Gabelli Equity Income Fund	2.2%	16.5%	BK, CR, CVX, DE, FCX, FLR, GATX, GPC, MSFT, NEM, NFG, STT	AI, dividends, energy, financials, gold, Utilities	Gold had its best year since 1979, rising 66% as a result of geopolitical uncertainty and central bank buying. Gold miners such as Newmont Corp. are levered to the price of gold, making it the biggest contributor to returns for both the fourth quarter and the full year. The Fund focuses on dividend-producing equity securities, though this may limit potential for appreciation during broad market advances. The prices of dividend-producing equity securities can be highly volatile. The American economy continues to embrace AI technology, and the prospect of large increases in productivity is spurring optimism. AI-related infrastructure and power demand are driving growth in various sectors. Natural gas demand in the Northeast is accelerating, driven in part by rising electricity consumption from data centers and AI-related load growth. Companies like National Fuel Gas benefit from strategic positioning near population centers.	NFG MSFT CVX	View
2024 Q4	Dec 31, 2024	Hotchkis & Wiley Mid-Cap Value Fund	-2.4%	3.6%	ADNT, APA, BPOP, CFG, CRGY, ERIC, FFIV, FLR, KOS, MGA, OLN, STT	energy, financials, mid cap, underperformance, valuation, value	The portfolio maintains a considerable valuation advantage relative to the benchmark, with wide spreads between growth and value indices creating promising opportunities. The manager believes valuation disparities across the market create an investment environment highly conducive to long-term focused active management.	KOS OLN ADNT	View
2025 Q3	Oct 28, 2025	Hotchkis & Wiley Mid-Cap Value Fund	7.7%	5.4%	ADNT, AIG, APA, BPOP, CFG, CNC, ERIC, FFIV, FLR, MGA, OLN, STT, WBD, WPP.L	AI, earnings, energy, mid cap, rates, value	The fund focuses on mid-cap value stocks and outperformed the Russell Midcap Value Index in Q3. The environment is becoming more selective and will likely reward discipline around both valuation and risk. Mid cap value stocks outperformed mid cap growth stocks by a wide margin (+6.2% vs. +2.8%).		View
2025 Q3	Oct 14, 2025	Greenlight Capital	-3.6%	0.4%	AAPL, BHF, COYA, EIX, FLR, GRBK, KD, LXS.DE, META, MSFT, NVDA, PCG, SOLB.BR, TECK	AI, Biotechnology, Bubble, Mining, skepticism, technology, Utilities, value	Greenlight is highly skeptical of the massive AI investment cycle, questioning whether trillions in promised spending can generate adequate returns. The firm notes that much AI revenue is circular within the supply chain rather than from external customers, and compares the situation to the internet bubble where capital destruction occurred despite the technology's ultimate importance.		View
2024 Q4	Jan 9, 2025	ClearBridge Investments Small Cap Growth Strategy	-	-	AZPN, BE, CERT, CHX, CWAN, FLR, FOUR, MOD, OSCR, PCVX, SGRY, SHLS, TGTX, VIAV, VRNS, WING, WIX, XMTR, XPO, ZETA	AI, growth, healthcare, industrials, M&A, Onshoring, small caps, technology	The unprecedented infrastructure buildout to support generative AI ambitions drove accelerating growth and expanding multiples across multiple sectors. This enthusiasm expanded from AI/chips to data center buildouts, HVAC equipment, service providers, and power solutions to support electricity demands of this generational product cycle.	MOD FLR CWAN TGTX OSCR BE	View
2025 Q4	Jan 29, 2026	Hotchkis & Wiley Mid-Cap Value Fund	2.4%	7.9%	ADNT, AIG, APA, BPOP, BTE.TO, CFG, ERIC, FFIV, FLR, HLF, KOS, MGA, OLN	Banking, energy, financials, mid cap, multiples, oil, valuation, value	The portfolio trades at 11x forward earnings and close to 6x normal earnings, both in line with historical averages, while the broad market trades at elevated valuations with the Russell Midcap's forward P/E at nearly 21x. The fund focuses on attractively valued companies with single digit earnings multiples and strong free cash flow yields. The fund maintains notable overweight exposure to oil & gas exploration/production companies that produce free cash flow yields well into the double digits. The managers view the oil market as having structural supply constraints and believe these companies represent a rare opportunity despite temporary oversupply concerns. The portfolio has notable overweight exposure to banks that exhibit attractive valuations, particularly considering their scale advantages and healthy capital ratios. Traditional/regional banks and trust banks performed well during the quarter, helping relative performance.		View
2025 Q4	Jan 20, 2026	Greenlight Capital	8.5%	9.0%	AR, BHF, CNH, DECK, FLR, GPK, GPN, GRBK, HPQ, HSIC, LXS.DE, MSTU, MSTX, PRKS, SMR, SOLB.BR, SPB, TEVA, VSCO, WBD	Copper, Cyclical, gold, Hedge Fund, Long/Short, Macro, value	Gold had an exceptional year appreciating 64%. The primary driver was countries seeking to reduce dollar exposure for reserves and trade as the U.S. loses hegemonic leadership. Foreign central banks are increasing gold reserves and establishing it as an alternative to settling global trade in dollars, effectively re-monetizing gold within official government channels. Copper prices rose about 40% in 2025 driven by AI world demand for more copper while supply remains limited. Several large mines around the world experienced production shortfalls, contributing to the price appreciation. The fund focuses on building a bottom-up portfolio of equity longs that are absolutely cheap and misunderstood, paired with overvalued shorts. Many cyclical businesses faced earnings shortfalls but P/E multiples failed to expand as typically expected during cyclical downturns.	CNR SPB HSIC GPN DECK AR TEVA VSCO FLR	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Hotchkis & Wiley Mid-Cap Value Fund	Fluor Corp.	Industrials	Construction & Engineering	Bull	NYSE	asset-light, capital return, construction, engineering, Epc, Nuclear, professional services	View Pitch
Apr 13, 2026	Fund Letters	Hotchkis & Wiley Mid-Cap Value Fund	Fluor Corp.	Industrials	Construction & Engineering	Bull	NYSE	construction, Contracting, engineering, Epc, Fabrication, infrastructure, Nuclear, SMR	View Pitch
Apr 13, 2026	Fund Letters	ClearBridge Investments Small Cap Growth Strategy	Fluor	Industrials	Construction & Engineering	Bull	NYSE	construction, data centers, engineering, global scale, GLP-1 Manufacturing, Megaprojects, Mining, nuclear energy, Procurement	View Pitch
Jan 24, 2026	Fund Letters	David Einhorn	Fluor Corporation	Industrials	Engineering & Construction	Bull	New York Stock Exchange	arbitrage, buybacks, Nuclear, spinoff, valuation	View Pitch
Aug 8, 2025	Seeking Alpha	Diesel	Fluor Corporation	Industrials	Engineering & Construction	Bull	NYSE	—	View Pitch
Aug 8, 2025	Seeking Alpha	ABI Invest	Fluor Corporation	Industrials	Engineering & Construction	Bull	NYSE	—	View Pitch

BSD Shareholders of FLR

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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