GWW

GWW

GWW

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	SGA – U.S. Large Cap Growth	-1.4%	2.8%	AAPL, ABBV, AMZN, AON, ARM, AVGO, AXP, CMG, COO, CP, CRM, DHR, ECL, GOOGL, GWW, INTU, IT, JNJ, META, MSFT, NFLX, NKE, NOW, NVDA, NVO, ORCL, PLTR, SNPS, SPGI, TSLA, UNH, V, WCN, WDAY, WM, YUM	AI, growth, large cap, momentum, Quality, technology, underperformance, valuation	AI infrastructure buildout remains a dominant market force driving speculation and momentum trading. While AI benefits some portfolio companies like Nvidia, Microsoft, Alphabet, Meta, and Amazon, the manager warns of bubble dynamics similar to the dot-com era. Historical parallels suggest infrastructure beneficiaries may face disappointment while long-term winners emerge later as companies building services on top of infrastructure.		View
2025 Q2	Jul 29, 2025	ClearBridge Investments Large Cap Growth Strategy	-	-	AAPL, ADBE, AIR.PA, AVGO, ETN, GWW, ICLR, LIN, LLY, META, MMC, MRVL, MSFT, NFLX, NOW, NVDA, TGT, TMO, TSM, UNH, V	AI, diversification, growth, large cap, positioning, risk management, semiconductors, technology	The Strategy broadened AI semiconductor exposure through new positions in Broadcom and Marvell Technology. Broadcom enables better participation in custom silicon chips for AI computing, working with large technology companies to develop custom silicon alongside Nvidia's GPUs. Marvell designs chips and networking equipment for AI, cloud computing and 5G infrastructure with strong interconnect business.	ICLR LIN AIR FP NOW MRVL TSM	View
2026 Q1	Apr 8, 2026	ClearBridge Investments Large Cap Growth Strategy	-	-	ALNY, ASML, BX, COST, CRM, EQIX, ETN, FICO, GWW, INTU, LIN, MSFT, NFLX, ORCL, PYPL, RHHBY, RTX, SHW, TSM, TXN	AI, Biotechnology, defense, growth, industrials, large cap, semiconductors, technology		PYPL CRM ALNY ROG.SW TXN	View
2025 Q1	Apr 27, 2025	Aoris International Fund	-0.8%	-0.8%	ACN, APH, CPRT, EXPN.L, FAST, GGG, GWW, MSCI, MSFT, OR.PA, RELX.L, V	AI, concentrated, international, Quality, Resilience, Trade Policy, value	Aoris focuses on high-quality, wealth-creating businesses with demanding quality criteria applied to a maximum of 15 companies. They emphasize resilient businesses that provide essential products and services to other businesses, helping customers improve efficiency and reduce costs.	GWW EXPN.L CPRT MSFT ACN REL.L V	View
2024 Q1	Apr 15, 2024	Coho Relative Value Equity	0.0%	6.1%	COR, DG, DIS, GWW, LOW, MDLZ, NKE, PRGO, UNH, UPS	conviction, downside protection, large cap, Quality, US, value	The manager emphasizes their value-oriented philosophy focusing on downside protection and lower volatility. They note that growth continues to outperform value and high beta outperforms low beta, which runs counter to their investment approach. The team remains committed to their value disciplines despite recent underperformance.		View
2026 Q1	Mar 31, 2026	ClearBridge Investments All Cap Growth	-	-	ADSK, APP, ASML, CRWD, DOCS, ETN, FCX, GWW, HUBS, ISRG, JCI, LHX, META, NFLX, PODD, RHHBY, RTX, TJX, TSM	AI, defense, growth, healthcare, materials, semiconductors, technology		ANET ROG.SW FCX TSM ASML APPL	View
2025 Q1	Mar 31, 2025	Fidelity Growth Strategies Fund	-8.0%	-8.0%	AMP, APP, AXON, CASY, COH, COR, CTAS, DECK, FAST, FICO, GWW, HEI, HWM, IDXX, NET, PLTR, RBLX, TDG, VRSK, WIX	aerospace, AI, growth, industrials, mid cap, tariffs, technology, Trade Policy	Fund maintains largest sector overweight in industrials at 23.89% vs 17.41% benchmark. Manager believes these companies generate positive free cash flow with stock-specific catalysts driving earnings growth. Many have conservative balance sheets providing ballast in volatile markets.		View
2025 Q4	Feb 8, 2026	SGA – U.S. Large Cap Growth	0.2%	3.0%	AAPL, AMZN, ARM, AVGO, AXP, COO, CRM, DHR, GOOGL, GWW, INTU, META, MSFT, NFLX, NKE, NOW, SPGI, V, WM, YUM	AI, growth, large cap, momentum, Quality, semiconductors, valuation	AI capital expenditures are expected to moderate due to structural constraints including power availability, skilled labor shortages, and capital availability. Hyperscaler CapEx spending has reached historically high proportions of revenues and operating cash flows. The most attractive long-term AI opportunities reside with businesses building long-term value rather than companies exposed to cyclical swings. 2025 was characterized by extreme momentum dynamics with capital flowing into immediate winners while perceived losers saw unprecedented pressure. Market leadership concentrated in lower-quality, speculative, and cyclically sensitive stocks. The momentum trade has been exceptionally profitable short-term but timing the inevitable reversal remains challenging. Quality growth companies with stable fundamentals have seen relative valuations plummet to lowest levels in decades while cyclicals trade at historically high levels. The portfolio focuses on reliable and durable growth companies with lower variability that continue to compound earnings and cash flows attractively despite not being rewarded by the market currently. Semiconductor and AI capital equipment stocks were among market darlings, buoyed by massive AI infrastructure spending. However, purely cyclical sectors exposed to hyperscaler CapEx growth rates will have a shorter runway of growth left as further upward growth revisions become challenging.	ALC YUM IT META MSFT ARM AVGO CRM COO GOOG	View
2025 Q3	Nov 3, 2025	Aoris International Fund	-2.6%	-	ACN, APH, CDW, CPRT, CTAS, EXPN.L, GWW, HLMA.L, IHG, JKHY, NKE, OR.PA, RELX, SAP, SPGI	AI, Cloud, international, portfolio, Quality, technology, valuation	AI presents significant opportunities for portfolio companies like RELX, Accenture, and SAP. RELX leverages proprietary data to create AI-powered tools for legal and professional markets, with rapid customer adoption driving revenue acceleration. Accenture helps clients implement AI solutions and generated $2.7 billion in generative AI revenue. SAP's AI tools are seeing strong customer interest as part of cloud transitions.	SAP REL ACN IHG SAP REL ACN	View
2023 Q3	Nov 10, 2023	ClearBridge Investments Large Cap Growth Strategy	0.0%	0.0%	ADBE, AMZN, CSCO, DXCM, EL, ETN, GWW, INTU, ISRG, LLY, NKE, NVDA, SE, SPLK, TEAM, TGT, UBER, UNH, UNP, V	AI, China, consumer, growth, healthcare, large cap, technology	Portfolio includes companies directly indexed to the secular growth of artificial intelligence. Research efforts focus on new use cases as inference models ramp up and determining which software and services companies will remain relevant versus being supplanted by AI.		View
2025 Q3	Oct 15, 2025	Parnassus Core Equity Fund	2.6%	-	AAPL, AMD, AVGO, AZO, BRO, BSX, CRM, DE, FI, GOOGL, GWW, ICE, INTU, KLAC, LLY, NVDA, ORCL, SYK, TMO, WDAY	AI, Defensive, financials, industrials, large cap, Quality, semiconductors, technology	The Fund maintains offensive positions in AI beneficiaries including hyperscalers, semiconductors and software. The AI buildout continues to exceed expectations, led by U.S. companies that have invested and scaled the technology to drive massive infrastructure transformation. However, rising AI infrastructure investments require greater monetization to avoid overheating.	GWW US BSX US	View
2025 Q3	Oct 15, 2025	Parnassus Mid Cap Growth Fund	7.9%	-	APP, CMG, DDOG, EFX, GWRE, GWW, HLT, HOOD, ICLR, JBHT, KLAC, MELI, MORN, MPWR, NET, ODFL, PODD, SNDK, TEAM, TER, TTD, VRSK	AI, Cyclical, growth, mid cap, semiconductors, technology, value	The portfolio maintains exposure to artificial intelligence through software and semiconductor companies. AI megatrend is boosting demand for memory and storage, particularly ultra-high-capacity drives. Strong demand for AI applications in system-on-a-chip and memory testing is a major growth driver.		View
2024 Q3	Oct 12, 2024	Blue Tower Asset Management	8.8%	0.0%	ARW, AVT, ENVA, GWW, RXL.PA, WCC	Buybacks, Distribution, Energy Transition, Rate Cuts, small caps, value	Electric vehicle adoption, solar energy expansion, and data center growth are driving huge secular demand for electrical equipment distribution. These trends create new opportunities in charging infrastructure, photovoltaic components, and power infrastructure while benefiting distributors through operational leverage.	WCC	View
2025 Q4	Jan 23, 2026	Bell Global Emerging Companies Fund	-1.8%	-5.9%	3064.T, 6146.T, AMS.MC, AUTO.L, BJ, BOOT, CHKP, CNM, COR, CPG.L, DB1.DE, GWW, LPLA, MSCI, ODFL, PCTY, SCI, TSCO, TTC, TTI.HK, VEEV, WKL.AS	global, industrials, Quality, SMID Cap, technology, value	The fund follows a Quality at a Reasonable Price (QARP) approach, focusing on consistently high returning companies with durable growth characteristics. 2025 was challenging for this style as markets favored momentum and sentiment-driven narratives over fundamentals, but the team believes quality investing will reassert itself as markets become more earnings driven. The fund invests in global small and mid cap equities with 30-60 holdings, maintaining benchmark agnostic positioning. The portfolio targets companies with market capitalizations in the SMID cap range, seeking to outperform the MSCI World SMID Cap Index over rolling three-year periods. The fund emphasizes valuation discipline as part of its QARP approach, seeking quality companies at reasonable prices. Many high-quality businesses in the portfolio are trading at compelling valuations, with the portfolio's weighted upside potential sitting at the upper end of historical ranges based on conservative assumptions.	VEEV AUTO LN COR TSCO CNM TTC 3064 JP 6146 JP CPG LN LPLA GWW ODFL	View
2025 Q4	Jan 23, 2026	Bell Global Equities Fund	-1.5%	0.0%	3064.T, 6098.T, 8697.T, AAPL, ACN, AMZN, AUTO.L, AVGO, BOOT, GOOGL, GWW, JPM, LPLA, META, MSFT, NVDA, ODFL, SAP.DE, SNPS, TSCO, V	financials, Global Equities, industrials, QARP, Quality, technology	Bell maintains a Quality at a Reasonable Price (QARP) approach despite challenging performance in 2025. The team believes quality investing periods of underperformance often create compelling opportunities to lean in as fundamentals ultimately reassert themselves and valuations matter again. The portfolio benefits from sustained demand from AI-driven data centre investment, with technology companies like NVIDIA representing significant holdings. AI infrastructure continues to drive performance across multiple portfolio positions.	JKHY LPLA GWW TSCO ODFL	View
2025 Q4	Jan 23, 2026	Aoris International Fund	0.0%	0.0%	ACN, AMZN, APH, ATCO-A.ST, CPRT, FAST, GWW, HLMA.L, IHG.L, JKHY, MSCI, OR.PA, RELX.L, SAP.DE	AI, international, long-term, Quality, technology, value	AI drove exceptional growth for data center-focused holdings like Amphenol and Halma, while creating market perception challenges for service companies like Accenture and RELX. The manager believes AI will ultimately benefit rather than harm these service businesses, as enterprise AI adoption requires complex change management and enhances rather than replaces proprietary data solutions. The manager emphasizes owning durable, resilient, market-leading businesses with competitive advantages and capable management. The portfolio focuses on companies with consistent earnings growth records, strong market positions, and the ability to gain market share over time through superior execution. The manager describes an unusually wide valuation gap between intrinsic value and share prices, with portfolio holdings trading at an average 25% discount to fair value. This stretched elastic band effect creates attractive prospective returns as valuations normalize over time.		View
2025 Q4	Jan 18, 2026	Parnassus Mid Cap Growth Fund	-0.8%	9.2%	ALC, APP, BILL, BLDR, DASH, GWW, HLT, HUBB, INSM, MORN, MPWR, ODFL, PWR, ROK, SN, SQ, TEAM, TER, WCN, WDAY	AI, growth, industrials, mid cap, portfolio, semiconductors, technology	The ongoing AI megatrend boosted demand for memory and storage while industry supply growth remained constrained. Holdings in Information Technology sector were dominant contributors through exposure to AI, primarily through semiconductor companies. The fund continues to see accelerating demand for AI models and cloud computing with no signs of slowdown. Semiconductor companies were primary beneficiaries of AI demand. Teradyne is starting to win new sockets and gain market share after investing in AI-semiconductor testers. KLA benefited from AI infrastructure build-out with strong earnings growth. The fund increased exposure to high-quality industrial businesses with potential for cyclical upturn. Added Quanta Services for AI data center build-out, Hubbell for electrical grid upgrades, Old Dominion for freight cycle recovery, and Waste Connections for secondary market focus.	MTD ROK KLA TER SNDK	View
2024 Q3	Sep 30, 2024	ClearBridge Investments All Cap Growth	0.0%	0.0%	AAPL, ACN, AMZN, APTV, AVGO, BLDR, CTAS, EL, GOOGL, GWW, META, MSFT, NVDA, PYPL, SHW, TEAM, TSLA, TSM, UNH, WOLF	AI, Cyclical, Defensive, growth, large cap, semiconductors, technology, value	AI-driven growth stocks led the market for most of 2023 and first half of 2024. The Strategy maintains significant position in Nvidia while being underweight semiconductors versus benchmark. AI has driven upside in data centers while PCs and handsets are at cycle lows.		View
2024 Q3	Sep 30, 2024	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	ARES, AXON, BKR, CELH, COR, CRWD, DXCM, ENTG, FICO, GEV, GWW, RBA, RCL, ROST, SNPS, TTD, VST, WAB, WCN	AI, energy, growth, healthcare, industrials, mid cap, semiconductors, technology	The dramatic growth in AI infrastructure investment remains a dominant theme in the market, with hundreds of billions being invested by mega-cap tech companies. The fund holds positions well positioned to benefit from this trend, though managers remain vigilant of potential drawdown risks in AI winners.	ENTG SNPS CRWD CELH DXCM WAB FICO VST AXON GEV	View
2024 Q3	Sep 30, 2024	Fidelity Growth Strategies Fund	6.3%	17.9%	AMP, AXON, COH, CRWD, DOXY, DPZ, ENTG, FICO, GWW, HWM, IDXX, IT, MPWR, ODFL, PLTR, RMD, TDG, TTD, VST, WFRD	AI, growth, healthcare, industrials, Mid-cap, technology, Utilities	The fund discusses AI's impact across multiple sectors, particularly noting Palantir's Artificial Intelligence Platform offering driving strong growth. The manager anticipates AI-related movement expanding across mid-caps beyond current concentration in industrials and utilities. AI-capable data centers are expected to drive demand for industrial companies.		View
2023 Q1	Mar 31, 2023	Coho Relative Value Equity	0.0%	6.1%	ABC, DG, GWW, LOW, MCHP, MDLZ, ROST, SYY, UNH, UPS	dividends, healthcare, Quality, technology, value			View
2024 Q4	Jan 17, 2025	Carillon Eagle Mid Cap Growth Fund	-	-	APP, ARES, AXON, BAH, BKR, COR, ENTG, FND, GWW, LPLA, MPWR, MRVL, RBA, RCL, TTD, WAB, WING	AI, consumer, financials, growth, healthcare, mid cap, semiconductors, technology	AI investment theme drove significant market returns in 2024, with one major chip designer's data center revenues expected to represent 15% of total US capital spending in 2025. Hyperscalers need to generate $400 billion in revenue from AI to justify current spending levels, though user surveys suggest GenAI applications are meeting or exceeding expectations across industries.	MRVL AXON APP	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 18, 2026	Substack	Monopolistic Investor	W.W. Grainger, Inc.	Industrial Distribution	Industrial Distribution	Bear	New York Stock Exchange	Amazon Business, capital efficiency, Fastenal, Grainger, industrial repairs, legacy harvester, operating profit, Overvaluation, profitability, ROIC	View Pitch
Apr 13, 2026	Fund Letters	Aoris International Fund	W.W. Grainger, Inc.	Industrials	Trading Companies & Distributors	Bull	NYSE	defensive, dividend aristocrat, Essential Products, Industrial Supplies, manufacturing, market share gains, MRO Distribution	View Pitch
Apr 13, 2026	Fund Letters	Baron Focused Growth Fund	Guidewire Software, Inc.	Information Technology	Software	Bull	NYSE	cloud transition, Enterprise software, Insurance-software, P&C insurance, recurring revenue, SaaS, technology	View Pitch
Jan 28, 2026	Fund Letters	Ned Bell	W.W. Grainger Inc.	Industrials	Industrial Distribution	Bull	New York Stock Exchange	cashflow, Industrial distribution, Margins, MRO, scale	View Pitch
Jan 27, 2026	Fund Letters	Ned Bell	W.W. Grainger, Inc.	Industrials	Industrial Distribution	Bull	New York Stock Exchange	cashflow, Cycle, Industrial distribution, Margins, Pricing power	View Pitch
Jan 27, 2026	Fund Letters	Stephen Arnold	W.W. Grainger Inc.	Industrials	Industrial Distribution	Bull	New York Stock Exchange	Distribution, dividends, market share, MRO, scale	View Pitch

BSD Shareholders of GWW

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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