MLM

MLM

MLM

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Aug 2, 2024	Alger Spectra Fund	3.2%	32.4%	AMD, AMZN, DKNG, MLM, MSFT, NVDA	-			View
2025 Q2	Jul 22, 2025	Bronte Capital Amalthea Fund	-5.1%	-	AMRZ SW, HOLN SW, MLM	alpha, dislocations, Leverage, Short Selling, volatility	The commentary discusses exploiting market volatility through short-biased and opportunistic positioning. Dislocations created by leverage, speculation, and structural imbalances are viewed as recurring opportunities. Volatility is framed as a necessary condition for alpha generation rather than a risk to be avoided.		View
2024 Q1	May 13, 2024	The London Company Large Cap	8.1%	14.6%	AAPL, APD, BRK/B, MLM, NSRGY, PGR, SBUX	-			View
2025 Q1	Apr 24, 2025	Diamond Hill Mid Cap	-1.3%	-1.3%	AIG, ASH, COOP, ILMN, MLM, RRX, TRU, VTR, WCC	-			View
2024 Q1	Apr 15, 2024	Aristotle/Saul Global Equity Fund	6.4%	11.6%	ADBE, MLM, MUV2 GR, SONY	-			View
2024 Q1	Apr 15, 2024	Aristotle Value Equity Fund	6.3%	12.3%	ADBE, CTVA, LOW, MLM, PSX, TOT CN, XEL	-			View
2025 Q4	Feb 4, 2026	Aristotle/Saul Global Equity Fund	3.3%	19.8%	005930.KS, 6594.T, 6954.T, 8001.T, CCO, D05.SI, EGB.VI, FCFS, FMC, GOOGL, LEN, LOW, MLM, MSFT, SONY, UBER	AI, Automation, Central Banking, Global Equity, Quality, Trade Policy, value	Artificial intelligence continued to be a major theme with more than 300 S&P 500 companies mentioning AI on earnings calls. However, scrutiny increased around AI-related revenue circularity, massive capital spending scale, and durability of longer-term returns on investment. The enthusiasm helped propel mega-cap tech stocks higher and drive market gains. Trade relations between the U.S. and China remained a key market focus with tariff escalations and export controls. China expanded export controls on rare earth minerals while the U.S. threatened 100% tariffs in retaliation. A one-year trade truce was ultimately reached between Presidents Trump and Xi Jinping. Global automation adoption accelerated amid labor shortages, rising wages, and increasing manufacturing complexity. FANUC demonstrated leadership in factory automation and industrial robotics, with robot sales in China growing over 80% year-over-year and collaboration with NVIDIA on AI-driven robotics solutions.		View
2023 Q4	Dec 31, 2023	TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy	3.7%	0.0%	BC, CHE, CRWD, IDXX, IT, MLM, PANW, RNR, VRSK	-			View
2023 Q4	Dec 31, 2023	Fenimore Dividend Focus Strategy	10.8%	19.7%	A, APD, ENTG, MLM, TT	-			View
2023 Q3	Oct 31, 2023	The London Company Large Cap	8.1%	14.6%	ALB, GOOG, MLM, NEU, NSC, ODFL	-			View
2025 Q3	Oct 24, 2025	Diamond Hill Large Cap Strategy	-0.1%	4.2%	AIG, CAT, EQH, FDX, KMX, LHX, MLM, TMO, ZTS	AI, consumer, defense, Large Caps, value	The portfolio lags its benchmark due to weakness in IT and consumer discretionary holdings but emphasizes long-term value discipline. Managers added exposure to high-quality names like FedEx and Thermo Fisher, while cautioning against AI-driven overvaluation in mega-caps. They see opportunities in defense, logistics, and healthcare leaders trading below intrinsic value.	ZTS FDX	View
2025 Q3	Oct 14, 2025	Aristotle Value Equity Fund	3.8%	8.7%	AMP, CTVA, MLM, SNPS, WFC, XEL	Artificial Intelligence, financials, Quality, Trade, value	The fund emphasizes valuation discipline amid renewed market exuberance fueled by AI infrastructure spending and fiscal stimulus. It compares the current AI cycle to past overinvestment eras, noting selective opportunities in quality firms like Synopsys and Wells Fargo. Broader trade normalization and resilient U.S. earnings underpin the cautious optimism.	WFC US SNPS US	View
2025 Q3	Oct 12, 2025	TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy	3.8%	-	APH, BJ, CTAS, CWRD, EME, IT, MLM, ORLY, VRSK	AI, Automation, consumer, growth, industrials	AI investment remains a dominant but maturing theme, with rising skepticism about sustainability. The fund highlights strong performance in industrial automation and select consumer names benefiting from cyclical recovery.		View
2025 Q4	Jan 15, 2026	Baillie Gifford – International Alpha	-1.7%	17.5%	ADYEY, AMZN, APP, CRH, DASH, ELV, ENSG, FTAI, GOOGL, MA, META, MLM, MSCI, MSFT, NFLX, NVDA, RPRX, RYAAY, SCI, TSM	AI, global, growth, long-term, Quality, technology	AI spending and capabilities remain central to investment thesis across multiple holdings. Meta's elevated AI expenditure in 2026 creates execution risk but unlocks growth levers across its user base. Tencent's AI talent and research investments position it uniquely to leverage AI across gaming, advertising, and payments platforms. TSMC maintains dominant position capturing 70% of global foundry revenues with supply agreements across all key chip designers. Kokusai Electric benefits from recovery in memory markets and growing importance of batch ALD machines in AI memory chip manufacturing. Semiconductor cycle showing strength from Chinese and Korean manufacturers. Factory automation represents long-term structural growth opportunity. Keyence leads in sensors and machine-vision systems with 80% margins supported by direct sales model. Structural trends include rising automation, reshoring, and growing complexity in electric vehicle manufacturing providing long runway for growth. Sea's Shopee marketplace investing in service quality and faster shipping while expanding in Malaysia and Thailand to capture market share. Auto1 consolidating position as Europe's leading used car marketplace with 3% market share and growing direct-to-consumer Autohero brand providing margin expansion opportunity.	IOT QXO GAW AG1 GR AUTO LN TSM 6525 JP DG META SE	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
2025 Q4	Jan 13, 2026	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	-1.2%	4.9%	ADI, AJG, APH, AZO, BAM, BR, BRK-B, BRO, FAST, HEI, IEX, KEYS, MKL, MLM, PGR, ROST, SYK, TT, VMC, ZBRA	AI, fundamentals, mid cap, Quality, Speculation, value	Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation despite continued underperformance versus speculative names. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run, similar to the tech bubble period. AI-related infrastructure investments continue driving market enthusiasm, with companies like Amphenol benefiting from data center buildouts. However, the firm views AI excitement as creating speculation that draws capital away from other areas, leading to extended valuations for AI-related stocks.	FAST AZO BRO APH MKL	View
2023 Q3	Sep 30, 2023	TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy	3.7%	0.0%	BC, CHE, CRWD, IDXX, LNG, MLM, ORLY, PANW, RNR, SNPS, VRSK, WCN	-			View
2023 Q3	Sep 30, 2023	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	4.8%	0.0%	APTV, ARGX, BJ, CSGP, EFX, FIVE, FND, GFL, HCP, IAC, IDXX, LNG, MLM, PINS, PXD, RGEN, RNR, ROST, RPM, RPRX, SNPS, VAC	-			View
2023 Q2	Jul 28, 2023	Aristotle Value Equity Fund	6.3%	12.3%	ATVI, CCI, MLM	-			View
2023 Q2	Jul 28, 2023	Aristotle/Saul Global Equity Fund	6.4%	11.6%	CCJ, MLM, QCOM, ZX6 GR	-			View
2023 Q2	Jul 27, 2023	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	CMG, ENPH, ENTG, MKTX, MLM, MRVL, MSCI, SNPS, ULTA, WOLF	-			View
2024 Q2	Jul 22, 2024	The London Company Large Cap	8.1%	14.6%	ALB, APD, GOOG, MLM, NEU, NSC, ODFL, TEL, TXN	-			View
2023 Q2	Jul 19, 2023	The London Company Large Cap	8.1%	14.6%	ALB, KMX, MLM, ORLY, PGR, RSG, SBUX, TXN, VZ	-			View
2022 Q2	Jun 30, 2022	Aristotle Value Equity Fund	6.3%	12.3%	ADSK, AMG GR, KO, MCHP, MLM	-			View
2022 Q3	Feb 11, 2022	ClearBridge Investments Large Cap Value	0.0%	0.0%	COP, MLM	-			View
2023 Q4	Jan 23, 2024	The London Company Large Cap	8.1%	14.6%	ALB, BLK, CVX, FDX, MLM, SCHW	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Nov 29, 2025	Fund Letters	Christopher Gething	Martin Marietta Materials, Inc.	Materials	Construction Materials	Bull	NYSE	aggregates, construction, inflation, infrastructure, materials, Monopolies, Nimby, Pricingpower	View Pitch
Nov 3, 2025	Seeking Alpha	Seeking Alpha	Martin Marietta Materials, Inc.		Building Materials	Bull		aggregates, construction materials, demographic trends, high-margin operations, infrastructure markets, Martin Marietta, pricing strength, resilient investment, Scale Advantages, strategic positioning	View Pitch
Nov 3, 2025	Seeking Alpha	Seeking Alpha	Martin Marietta Materials, Inc.		Building Materials	Bull		aggregates, Carolinas, construction materials, Cost advantage, high-margin operations, infrastructure investment, long-term growth, Martin Marietta, Pricing power, Texas	View Pitch

BSD Shareholders of MLM

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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