PCAR

PCAR

PCAR

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 27, 2025	Cullen Enhanced Equity Income Fund	-1.2%	4.5%	AAPL, AMZN, COP, CVX, DOW, GOOGL, JCI, META, MSFT, NSC, NVDA, PCAR, PPG, RTX, TSLA	AI, defensives, dividends, energy, growth, Options, tariffs, value	The strategy focuses on dividend-paying stocks with a 4.2% annualized dividend yield. Dividend increases improved to 5%, declared by 15 of the 33 active holdings. Value and High Dividend stocks have underperformed over the past several years, presenting a compelling opportunity as investor interest in dividend strategies is near record lows.	NSC COP PPG PCAR NSC COP PPG PCAR	View
2025 Q2	Jul 22, 2025	American Century Equity Income Fund	-0.3%	-	AMT, BDX, BK, CRH, CSX, EPD, GOOGL, JNJ, JPM, KVUE, MCHP, MDT, NSC, PCAR, PEP, SATS, UL, UPS	Consumer Staples, Defensive, financials, healthcare, income, Quality, value	The portfolio seeks to invest in companies where the valuation does not reflect the quality and normal earning power of the company. This value-oriented approach has historically resulted in a less volatile portfolio versus the benchmark.		View
2025 Q2	Jul 22, 2025	Madison Investors Fund	3.1%	2.3%	A, ABNB, ACGL, ACN, ADI, ALC, AMZN, BN, CDW, CHTR, CPRT, DE, DHR, ELV, FERG, FI, GOOGL, IT, KEYS, LBRDA, LOW, MMC, MSCI, NKE, PCAR, PGR, PH, SBUX, SCHW, TJX, TXN, V	consumer, financials, industrials, large cap, Quality, technology, value	The fund focuses on high-quality, durable businesses across a wide range of industries selling for reasonable or cheap prices. This philosophy emphasizes proven businesses over short-term promises and momentum. The managers believe this approach has worked for decades and will continue to deliver solid long-term performance.	MSCI CDW ABNB ACGL FI ADI FERG	View
2022 Q2	Jul 21, 2022	Kovitz Core Equity	-18.5%	-22.5%	ADI, ANET, C, CHTR, CVET, DLTR, ICE, KMX, PCAR, PWR	-			View
2025 Q2	Jul 15, 2025	Madison Mid Cap Fund	5.3%	0.9%	ACGL, ANET, APH, BRO, CDW, CHTR, CPRT, CSL, FND, IT, LBRDA, LH, MCHP, MEDP, MKSI, PCAR, ROST, TDY, WAT, WRB	AI, mid cap, Quality, semiconductors, technology, value	Technology stocks continued strong performance driven by AI-related data center spending. Amphenol and Arista Networks are capitalizing on the surge in AI-related data center spending with outstanding revenue growth. The Information Technology sector is benefiting from widespread exuberance around AI.		View
2024 Q1	May 2, 2024	Madison Mid Cap Fund	7.2%	12.4%	ACGL, ANET, APH, BF.B, BN, BRO, CDW, CFR, CPRT, CSL, DLTR, FND, GBCI, IT, KMX, LBRDA, LH, MC, MKSI, PCAR, ROST, TTWO	insurance, Manufacturing, mid cap, Quality, Regional Banks, technology	Insurance companies benefited from attractive industry conditions with boosted underwriting profits and high growth in investment income. Arch Capital rolled over their fixed income portfolio at more favorable coupon rates. Insurance broker Brown & Brown advanced on solid organic revenue growth as insurance market pricing remains sound.		View
2024 Q1	May 2, 2024	Madison Investors Fund	7.8%	17.0%	A, ACGL, ACN, ADI, ALC, AMZN, BDX, BRK.B, CHTR, CPRT, DLTR, FI, GOOGL, LBRDK, LOW, PCAR, PGR, PH, TJX, V	financials, growth, industrials, large cap, Quality, technology, value	Two insurers, Arch Capital and Progressive, were large contributors during the quarter. Both are benefiting from attractive market conditions which has boosted underwriting profits. Investment income should continue to rise as they roll over fixed income portfolios at more favorable coupon rates.	PH FISV PGR ACGL PCAR	View
2026 Q1	Apr 18, 2026	Madison Large Cap Fund	-2.7%	-2.7%	A, ADI, CRM, DE, DHR, IT, KEYS, META, PCAR, SBUX, TXN, WDAY	AI, large cap, Quality, semiconductors, technology, value		META CRM	View
2026 Q1	Apr 18, 2026	Madison Mid Cap Fund	-4.3%	-4.3%	BRO, BSY, FWONA, IT, MC, MEDP, MKSI, PCAR, ROST, TDY, THO, TTAN, TYL	AI, mid cap, Quality, semiconductors, software, value		BSY TYL	View
2024 Q4	Dec 31, 2024	Madison Mid Cap Fund	-1.9%	10.3%	ACGL, ANET, APH, BAM, BRO, CDW, CPRT, CSL, DLTR, FND, IT, LAD, LBRDK, LH, PCAR, ROST, TDY, THO, WAT, WRB	Autos, Cyclical, fundamentals, insurance, mid cap, Quality, technology, value	The fund holds positions in auto-related companies including Lithia Motors, which reported quarterly results suggesting some COVID-induced elevated profitability levels may be more sustainable than previously thought. The fund also sold CarMax during the quarter, believing it will be harder for the company to continue gaining market share due to changing industry dynamics.		View
2024 Q4	Dec 31, 2024	Madison Investors Fund	-0.4%	16.4%	A, ACGL, ADI, ALC, AMZN, BRK.B, CPRT, DLTR, ELV, FERG, FI, GOOGL, KEYS, LOW, PCAR, PGR, PH, SCHW, TXN, V	consumer, healthcare, industrials, payments, Quality, technology, value	Two payment companies, Fiserv and Visa, were contributors in the quarter. Both are benefiting from resilient consumer spending and the digitization of cash transactions, despite participating in different areas of the payments value chain.		View
2023 Q2	Dec 7, 2023	Madison Investors Fund	7.8%	17.0%	ADI, BDX, BLK, CPRT, GOOGL, J, LOW, PCAR, PH, SCHW, TJX, USB	Banking, financials, large cap, Quality, semiconductors, technology	The fund views ChatGPT and AI advancement as interesting but not currently threatening to Alphabet's core search functionality. They believe Alphabet has the technical expertise to counter any emerging AI threats and expect management to make appropriate strategic choices for the long term.	SCHW USB	View
2023 Q2	Dec 7, 2023	Madison Mid Cap Fund	7.2%	12.4%	ABG, ACGL, ANET, APH, BAM, BRO, CDW, CFR, CHTR, CPRT, CSL, EXPD, FND, FWONA, FWONK, GBCI, GCI, GGG, IT, KNSL, LAD, LBRDA, LH, MC, MCHP, MEDP, MKSI, PCAR, ROST, TDY, TECH, THO, TREX, WAT, WRB	AI, mid cap, Quality, semiconductors, technology, value	AI-related data center spending is driving strong performance in technology holdings like Amphenol and Arista Networks. The fund is participating in this surge while also noting strength in other business areas beyond AI for these companies.		View
2023 Q3	Nov 10, 2023	Distillate Capital Fundamental Stability & Value	0.0%	16.0%	005930.KS, 036570.KS, 6857.T, AAP, AMGN, AMP, AN, AON, AVGO, AVY, BABA, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, MPC, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, VSCO	free cash flow, large cap, Leverage, Quality, selectivity, small cap, value	Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels.		View
2023 Q3	Nov 10, 2023	Distillate Capital International	0.0%	10.9%	036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO	free cash flow, international, Quality, risk management, selectivity, value	Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% free cash yield compared to 4.9% for the S&P 500.		View
2023 Q3	Nov 10, 2023	Distillate Capital Large Cap Value	0.0%	19.7%	036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO	Credit Stress, free cash flow, large cap, Mega Caps, risk management, selectivity, value	Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels.		View
2025 Q3	Oct 19, 2025	American Century Equity Income Fund	5.3%	-	AMT, BDX, BK, CRH, CSX, EPD, GOOGL, JNJ, JPM, KVUE, MCHP, MDT, NSC, PCAR, PEP, SATS, UL, UPS	Consumer Staples, dividends, financials, healthcare, income, Quality, Utilities, value	The portfolio focuses on higher-quality stocks that may offer resilience amid continuing inflation and uncertain macroeconomic conditions. The team emphasizes companies with stable revenues and profits, low indebtedness, resilient cash flows and predictable business models that are less sensitive to economic conditions.		View
2025 Q3	Oct 14, 2025	Madison Investors Fund	-2.2%	-0.1%	A, ABNB, ACGL, ACN, ADI, ALC, AMZN, BN, CDW, CHTR, CPRT, DE, DHR, ELV, FERG, FI, GOOGL, IT, KEYS, LBRDA, LOW, MMC, MSCI, NKE, PCAR, PGR, PH, SBUX, SCHW, TJX, TXN, V	financials, industrials, large cap, Quality, technology, value	The fund focuses on high-quality, durable businesses across a wide range of industries, selling for reasonable or cheap prices. This approach has historically delivered solid long-term performance, though these attributes have been unpopular recently as the market has favored short-term over long-term and momentum over durability.		View
2025 Q3	Oct 14, 2025	Madison Mid Cap Fund	1.9%	2.8%	ACGL, ANET, APH, BRO, CDW, CHTR, CPRT, CSL, FND, IT, LBRDA, LH, MCHP, MEDP, MKSI, PCAR, ROST, TDY, WAT, WRB	AI, mid cap, Quality, semiconductors, technology, value	Information Technology sector benefiting from widespread exuberance around AI, with portfolio companies Amphenol and Arista Networks capitalizing on surge in AI-related data center spending. Technology stocks continued very strong performance driven by AI momentum.	ANET APH MEDP	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
2024 Q3	Sep 30, 2024	Madison Mid Cap Fund	7.2%	12.4%	ABG, ACGL, APH, BRO, CDW, CPRT, CSL, DLTR, FND, GGG, IT, KMX, LAD, LBRDK, MC, MCHP, MKSI, PCAR, ROST, WAT	Consolidation, consumer, financials, industrials, mid cap, Quality, technology, value	Added two new positions in Lithia Motors and Asbury Automotive, two of the largest auto franchise dealer groups. Dealers earn more profits from parts and service than new car sales, providing steady business throughout economic cycles. These businesses have a long runway to create value via consolidation of this fragmented industry.	ABG LAD GGG	View
2024 Q3	Sep 30, 2024	Madison Investors Fund	7.8%	17.0%	A, ACN, ADI, ALC, AMZN, BN, BRK.B, CPRT, DLTR, FERG, FI, GOOGL, KEYS, LOW, PCAR, PGR, PH, SCHW, TXN, V	consumer, financials, industrials, large cap, Quality, technology, value	Parker-Hannifin continues executing well despite slowing industrial economy, improving margins and integrating Meggitt acquisition. PACCAR facing weakening sales from declining freight rates and softening economic backdrop, though high-margin aftermarket parts division provides support through cyclical downturn.	KEYS	View
2024 Q2	Jul 17, 2024	Madison Mid Cap Fund	7.2%	12.4%	ACGL, ANET, APH, BF.B, BRO, CDW, CPRT, CSL, DLTR, FND, FWONA, IT, KMX, LH, MC, MKSI, PCAR, ROST, TDY, THO, WAT	insurance, mid cap, Quality, technology, value	Amphenol and Arista Networks each have exposure to growing AI infrastructure spending, which is benefitting both their businesses and investor sentiment on their stock prices.	TDY	View
2024 Q2	Jul 17, 2024	Madison Investors Fund	7.8%	17.0%	A, ACGL, ADI, ALC, AMZN, BDX, BRK.B, CPRT, DE, DLTR, FI, GOOGL, LOW, PCAR, PGR, PH, SBUX, TJX, TXN, V	consumer, industrials, insurance, large cap, Quality, semiconductors, technology, value	Semiconductor manufacturers Analog Devices and Texas Instruments continue to see declining sales and profits due to weak demand and inventory reduction by customers and distributors. However, the cycle appears to be bottoming, setting conditions for a profit rebound over the coming years as investors better appreciate the industry's secular demand characteristics.	DE SBUX	View
2024 Q2	Jun 30, 2024	RS Large Cap Val Strategy	1.0%	13.9%	APH, CI, CPAY, CRM, GOOGL, GS, LKQ, PCAR, TEVA, TKO, VST	financials, healthcare, large cap, ROIC, value	The team focuses on investing in companies trading at deep discounts to intrinsic value with improving ROIC. They believe value-oriented approaches should be well positioned following years of low interest rates driving growth stock valuations higher.	CPAY TEVA	View
2023 Q1	Apr 14, 2023	Madison Investors Fund	7.8%	17.0%	ADI, BDX, BLK, CPRT, GOOGL, J, LOW, PCAR, PH, SCHW, TJX, USB	Banking, financials, large cap, Quality, semiconductors, technology, value	The fund views ChatGPT and AI advancement as interesting but not currently threatening to Alphabet's core search functionality. They believe Alphabet has the technical expertise to counter any emerging threats and expect management to make sound strategic choices for the long term.	SCHW USB	View
2023 Q1	Apr 14, 2023	Madison Mid Cap Fund	7.2%	12.4%	ACGL, ANET, APH, BRO, CDW, CHTR, CPRT, CSL, FND, IT, LBRDA, LH, MEDP, MKSI, PCAR, ROST, TDY, TREX, WAT, WRB	AI, mid cap, Quality, semiconductors, technology, value	Technology stocks continued strong performance driven by AI-related data center spending. Amphenol and Arista Networks capitalized on the surge in AI-related data center spending, though managers note strength in other business areas as well.		View
2025 Q1	Mar 31, 2025	Madison Mid Cap Fund	-4.2%	-4.2%	ACGL, ANET, AWI, BF.B, BRO, CSL, DLTR, EXPD, IT, KNSL, LBRDA, MCHP, MKSI, PCAR, ROST, TDY, THO, TREX, WAT, WRB	industrials, insurance, mid cap, semiconductors, technology, value	Three insurance companies topped the contributor list during the quarter. Industry fundamentals remain sound with defensive demand profiles and limited tariff exposure. Brown & Brown benefits from strong organic growth and margin expansion, while Arch Capital and W.R. Berkley showed solid premium growth and better-than-expected reserve development.	TREX KNSL	View
2023 Q4	Jan 14, 2024	Madison Mid Cap Fund	7.2%	12.4%	ACGL, ANET, BAM, BF.B, BRO, CDW, CPRT, CSL, DLTR, FWONA, GBCI, IT, KMX, LBRDA, LH, MKL, PCAR, PGR, ROST, WAT	Banking, insurance, mid cap, retail, technology, value	The fund holds multiple insurance positions including Arch Capital Group, Markel Group, and Brown & Brown. Arch Capital benefits from attractive market conditions boosting underwriting profits, with favorable supply-demand dynamics in both reinsurance and primary insurance expected to keep profits elevated.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Cullen Enhanced Equity Income Fund	Paccar Inc	Capital Goods	Construction & Farm Machinery & Heavy Trucks	Bull	NASDAQ	Aftermarket Parts, dividend, Industrials, infrastructure, premium brands, Technology leader, Truck Manufacturer, Value	View Pitch
Apr 13, 2026	Fund Letters	Madison Investors Fund	PACCAR Inc	Capital Goods	Machinery	Bull	NASDAQ	Aftermarket Parts, Capital Goods, Commercial Trucks, Cyclical, Distribution, manufacturing, operating margins	View Pitch
Dec 5, 2025	Fund Letters	James Cullen	Paccar Inc.	Industrials	Machinery	Bull	NASDAQ	aftermarket, Margins, Powertrains, trucks, valuation	View Pitch

BSD Shareholders of PCAR

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.

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On: