URI

URI

URI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	Orbis Global Equity	-	-	GXO, QXO, RXO, URI, XPO	Capital Allocation, Distribution, Logistics, M&A, Value Investing	The fund has significant exposure to logistics companies through the XO family of companies (QXO, XPO, RXO, GXO), representing nearly 15% of the portfolio. QXO is targeting the building products distribution industry, which has enormous scope to leverage technology to improve customer experience, similar to how XPO transformed truck brokerage from 6% digital to 96% digital.	QXO	View
2024 Q2	Sep 30, 2024	Qualivian Investment Partners	2.5%	-	AMZN, BRK-B, GOOGL, MA, META, MUSA, ORLY, TJX, URI, V	Compounding, Concentration, long-term, Quality, value	Qualivian focuses on a concentrated portfolio of 15-25 understandable companies with wide moats, long reinvestment runways, and outstanding capital allocation. They seek quality compounders expected to compound capital at mid-teens rates and hold them for extended periods.	URI MUSA	View
2025 Q2	Aug 25, 2025	Lyrical Asset Management	12.7%	11.9%	AAPL, AIZ, AMZN, CNC, CPAY, EXPE, FLEX, GOOGL, GPN, HCA, JCI, META, MSFT, NRG, NVDA, SU, TSLA, UBER, URI, WEX	growth, international, Outperformance, stock selection, valuation, value	Lyrical maintains an uncommon combination of deep value and growth, with S&P 500 forward P/E 73% higher than Lyrical's CS composite despite higher growth profile. The firm attributes outperformance to idiosyncratic stock selection in a difficult environment where only 29% of S&P 500 constituents outperformed.		View
2025 Q2	Jul 3, 2025	Vltava Fund	-	-	AMAT, ARW, LRCX, URI, WSM	Currency, inflation, long-term, Quality, value, volatility	The fund emphasizes pricing over timing, focusing on buying stocks when they trade below intrinsic value with a margin of safety. They maintain a shopping list of about 100 companies and wait patiently for prices to fall convincingly below fundamental values.		View
2025 Q2	Jul 14, 2025	Wedgewood Partners	7.1%	0.3%	AAPL, BKNG, CDW, CPRT, EW, GOOGL, IDXX, META, MSFT, MSI, ORLY, TSCO, TSM, UNH, URI, V, ZTS	AI, Bull Market, growth, healthcare, large cap, tariffs, technology, Valuations	Meta Platforms has been a consistent beneficiary of artificial intelligence over the past several years, investing aggressively in deep learning recommendation systems that help power its products. Meta's AI investments, combined with its massive scale, allow the Company to quickly spin up new products across its digital advertising real estate to reinforce its competitive positioning. Microsoft showed key acceleration in its Azure cloud infrastructure business, driven by demand for AI-compute capacity.		View
2025 Q1	Jun 2, 2025	Baumann Capital	-	-	AHT.L, AZE.BR, BNR.DE, DPLM.L, FIX, GET.PA, GOOGL, IMCD.AS, POOL, RWH.L, UNVR, URI, WSO	AI, Distribution, durability, Europe, Specialty Chemicals	Manager discusses AI's transformative impact on investment research and business models. While AI tools like ChatGPT-4o enhance research efficiency, they create challenges for traditional software companies and make survival forecasting more difficult. The manager emphasizes that AI cannot replace primary research and human judgment in investment decisions.	AZE.BR	View
2025 Q1	Jun 16, 2025	Qualivian Investment Partners	1.2%	1.2%	AAPL, AJG, AMZN, AZO, BRK.B, BRO, CPRT, GOOGL, META, MSFT, MUSA, NVDA, ORLY, TSLA, URI, WSO	compounders, concentrated, long-term, Quality, value	Market volatility sparked by DeepSeek announcement questioning returns on hyperscaler AI investments. Alphabet integrating AI into search through AI Overviews and AI Mode, showing encouraging reception and monetization. Hyperscalers expressing confidence in generative AI opportunities despite capital spending concerns.	AZO	View
2024 Q1	May 10, 2024	Choice Equities Capital Management	-1.8%	5.5%	CROX, HEES, PAR, SHAK, URI	earnings growth, Equipment Rental, infrastructure, Restaurants, small caps, technology	The Infrastructure Investment and Jobs Act allocates more than $1 trillion over ten years, complemented by the Inflation Reduction Act and CHIPS Act. Construction spending in manufacturing reached $225 billion in 2023, more than doubling the 2015 peak. This represents a threefold increase compared to historical infrastructure programs when adjusting for inflation.	HEES PAR SHAK CROX	View
2024 Q1	May 1, 2024	Cooper Investors Global Equities Fund (Unhedged)	5.5%	5.4%	AER, CME, DHR, EUFI.PA, FER.MC, FERG.L, GEHC, HDB, IBKR, LBRDK, LPX, LSEG.L, TSM, URI, YUMC	AI, cyclicals, financials, global, growth, industrials, Stalwarts, value	The AI theme is beginning to display hallmarks of a 'new paradigm' with parabolic growth forecasts and investment banks rushing to put out baskets of AI beneficiaries. AI-enabled data centres are due to account for 75% of the increase in load growth with those locations incredibly energy intense compared to standard data centres. Next-Gen AI data centres are planned or under construction in the Atlanta area that will soak up over 1,000MW.	LP AER CME	View
2026 Q1	Apr 8, 2026	Vltava Fund	-	-	AJB.L, BKNG, NVO, RMV.L, URI	AI, Buybacks, Platform, private credit, real estate, Travel, value		RMV.L AJB.L BKNG	View
2025 Q1	Apr 4, 2025	Vltava Fund	-	-	ABG, AMAT, ATD, BMW.DE, BN, BRK-A, CVE, JPM, LRCX, MKL, NVR, OSB.L, QUCO.MX, STLA, URI, WSM	Berkshire, Capital Allocation, Intrinsic Value, long-term, Quality, Speculation, value	Manager emphasizes long-term value investing approach focused on companies trading below intrinsic value with high returns on capital. Portfolio demonstrates value principles through holdings like Berkshire Hathaway purchased at significant discount to book value.	URI BRK-A	View
2025 Q1	Apr 22, 2025	Ironvine Capital Partners	-	0.1%	ADI, AHT.L, AMAT, APH, ENTG, GOOGL, HEI, HON, ODFL, TSM, UNP, URI	activism, aerospace, AI, Onshoring, semiconductors, tariffs, technology, Trade Policy	The United States enacted tariffs on essentially all global trading partners, with the magnitude and scope surprising markets. The Liberation Day announcement on April 2nd suggests significant structural change to global trade is possible for the first time in decades. Trade negotiations remain volatile, creating uncertainty for businesses and consumers about manufacturing costs and pricing.	AHT.L HON APH	View
2025 Q1	Mar 31, 2025	abrdn U.S. Small Cap Equity Fund	-3.7%	-3.7%	AZEK, COHU, CORT, HEES, JHX, LOB, LRN, MWA, REVG, SHOO, URI, VERX, WERN, WK	infrastructure, M&A, Quality, small caps, tariffs, Trade Policy, water	Trump administration announced new trade policy with 10% tariffs on all imports plus additional country-specific tariffs, followed by 90-day moratorium on additional tariffs except China while negotiations proceed. Significant market volatility resulted from concerns about macroeconomic slowdown and higher inflation.	REVG MWA WK SHOO VERX LRN HEES CORT	View
2023 Q4	Mar 31, 2024	Adestella Investment Management	3.2%	17.6%	HRI, URI	Construction Equipment, Equipment Rental, Long/Short, small caps, value	Heavy machinery industrials benefit from infrastructure investment and housing shortfalls. Rental equipment providers gain from continued share gains in rental penetration, which has increased consistently but remains below levels seen in other developed countries.	HRI	View
2024 Q4	Mar 30, 2025	Qualivian Investment Partners	3.3%	26.6%	AMZN, BRO, CASY, DHR, GOOGL, META, MSFT, URI, V	Capital Allocation, compounders, concentrated, long-term, Quality, value creation	The fund focuses on quality compounders with wide moats, long reinvestment runways, and outstanding capital allocation. They seek companies with durable competitive advantages, high returns on invested capital, and strong free cash flow generation. The investment criteria emphasizes businesses with pricing power, recurring revenue, and management with value-creating capital allocation history.	BRO	View
2024 Q4	Mar 10, 2025	Turtle Creek Fund Test	-2.7%	-	AHT.L, AMCR, ATS.TO, BERY, BF.A, DFS, DOO.TO, KNSL, MGRC, PFB.TO, URBN, URI, WSC	Buybacks, Deregulation, Financial Services, mid cap, Trade Policy, value	Trump administration expected to be more business friendly with push for deregulation and lower corporate taxes. CFPB under Trump widely expected to be more business friendly and less focused on increasing regulatory burden. Proposed cap on credit card late fees may be dropped under new administration.	WSC KNSL AHT.L DOO.TO BERY BFH	View
2023 Q3	Dec 10, 2023	Cooper Investors Global Equities Fund (Unhedged)	5.5%	5.4%	6758.T, 8035.T, 8113.T, ADYEN.AS, AHT.L, AJG, AON, APG, BKNG, BME.L, CDW, COST, CRM, DHR, ERF.PA, FER.MC, FERG.L, G24.DE, HDB, HLMA.L, HLN.L, IQV, LBRDK, LSEG.L, RELX.L, RTO.L, TSM, ULTA, UNP, URI, YUMC	China, cyclicals, Equipment Rental, global, infrastructure, Railroads, value	Global investor sentiment has soured further on China in recent months with the commercial real estate market implosion hitting headlines. The manager sees Value Latency emerging when markets are labeled 'uninvestable' as China now is for many investors. They highlight Yum China as an example of this opportunity.	SUNP IN AHT.L ANDURIL MELI\|NFLX\|ORCL\|TCOM\|VRTX\|YUMC	View
2024 Q3	Oct 8, 2024	Patient Capital Management	5.6%	15.8%	AAPL, AMZN, APO, EVRI, GOOGL, GXO, IBM, JPM, META, MSFT, NVDA, PLAY, QXO, RXO, TCRT, TSLA, URI, XPO	compounders, long-term, Quality, small caps, Underperformers, valuation, value	Manager emphasizes buying underperformers and exploiting opportunities where market expectations diverge from intrinsic values. Portfolio trades at significant discount to market (12x forward earnings vs 22x) with better growth prospects. Focus on attractively valued compounders, classic value, and early-stage businesses.	PLAY QXO	View
2025 Q3	Oct 31, 2025	Turtle Creek Fund Test	0.4%	-	AHT.L, ATD.TO, BFH, DOL.TO, DOO.TO, GIL.TO, KNSL, PFB.TO, SCI, SYF, TFII.TO, URI, WSC	Canada, Concentration, growth, mid cap, Quality, value	Portfolio trades at 10.4x earnings, below historical median range of 9x-13x, while S&P 500 trades at elevated 22x earnings in top fifth percentile of 20-year range. Manager emphasizes valuation discipline and relative attractiveness versus broad market multiples.	CTAS KNSL WSC CTAS KNSL WSC	View
2025 Q3	Oct 20, 2025	NZS Capital – Growth	3.9%	19.6%	ADSK, AMT, APH, ASML, CMG, CSU.TO, DHR, FI, GOOGL, IT, LRCX, MCHP, MPWR, NOW, ROP, SNPS, TEAM, TSM, URI, WDAY	AI, cybersecurity, growth, Identity, semiconductors, software, technology	NZS discusses AI as the largest platform shift yet, threatening business models while promising productivity advances. They emphasize the widening range of outcomes and the need to avoid narrow predictions in AI investing. The firm highlights AI's expansion of the total addressable market for identity governance and security software.	SAIL SAIL	View
2025 Q3	Oct 14, 2025	Wedgewood Partners	5.9%	6.2%	AAPL, AMD, AMZN, AVGO, BKNG, CDNS, CDW, CPRT, GOOGL, META, MSFT, NVDA, ODFL, ORCL, ORLY, PGR, PYPL, SNPS, TSM, URI	AI, Capex, Data centers, growth, large cap, semiconductors, technology	AI infrastructure spending is reaching unprecedented levels with forecasts of trillions in necessary investment. The manager expresses concern about the sustainability of current AI spending plans and the transformation of capex-light tech companies into capital-intensive businesses. They worry about the cyclical nature this will create as depreciation expenses weigh on future earnings.	MSFT US META US PYPL US GOOGL US	View
2025 Q3	Oct 14, 2025	Lyrical Asset Management	3.4%	15.7%	AAPL, AMP, CI, CNC, CPAY, EBAY, EXPE, FIS, FLEX, GOOGL, GPN, HCA, JCI, LKQ, MSFT, NRG, NVDA, TSLA, UBER, URI	earnings, growth, Outperformance, Performance, value	The portfolio maintains an uncommon combination of deep value and growth characteristics. The value spread between the portfolio and S&P 500 is historically wide at 80%, with portfolio trading at 12.2x-12.6x P/E versus S&P 500 at 22.7x. Despite value characteristics, portfolio EPS growth exceeds 10% annually, significantly outpacing S&P 500 growth of 6.4%.		View
2024 Q3	Oct 10, 2023	NZS Capital – Growth	4.0%	22.0%	ADYEY, AMT, ASML, CDNS, CPRT, DHR, FI, GOOG, LRCX, LSCC, MCHP, MRNA, MSFT, NFLX, NVDA, PGR, ROP, TT, URI	AI, Automation, Digital, growth, insurance, semiconductors, technology	The manager remains bullish about the long-term implications of AI and is increasingly incorporating it into their research process. However, the market's focus shifted to consider returns on massive AI investments, reflecting concern around the wide range of outcomes. While value has been created at the infrastructure layer, they are still awaiting revenue generating killer apps from this generational technological shift.	PGR	View
2024 Q4	Jan 9, 2025	Torre Financial	2.4%	19.3%	AAPL, AMP, AMZN, CI, CNC, CPAY, EBAY, EXPE, FIS, FLEX, GOOGL, HCA, JCI, META, MSFT, NRG, NVDA, TSLA, UBER, URI	earnings, growth, international, Performance, portfolio, value	Portfolio trades at significant discount to S&P 500 with value spread at historically wide 80%. Manager emphasizes uncommon combination of deep value and growth characteristics.		View
2025 Q4	Jan 26, 2026	NZS Capital – Growth	-1.4%	17.9%	AJG, APH, ASML, CDNS, CMG, CSU.TO, DHR, DNP.WA, FI, FND, FROG, GOOGL, HRTX, ISRG, LIN, LRCX, MNDY, PGR, ROP, TSM, URI	AI, growth, positioning, semiconductors, software, technology, valuation	The market created a wall of worry that AI would displace existing software companies, but NZS believes software systems of record are well positioned to adapt through AI integration. Software platforms are aggressively introducing AI functionality either through internal development or APIs. The range of outcomes has widened but there is a compelling bull case where AI leads to reduced churn, new revenue streams, and accelerated operating margin expansion. Cloud software companies saw valuations decline in 2025 as the market feared AI displacement, but NZS sees opportunity in systems of record and vertical market software. These companies have attractive fundamentals including sticky revenue streams, high margins, and mission-critical positioning. The portfolio's software positioning remains focused on systems of record and vertical market software which have the best chance of adapting to AI. Semiconductor names like Lam Research, Taiwan Semiconductor, and ASML were among the top contributors for the full year. The portfolio added to IT names amid weakness in the first half of 2025 before reallocating outside of IT in the third quarter as AI euphoria returned and multiples recovered.	ISRG TSM LRCX FISV DHR GOOGL	View
2024 Q4	Jan 17, 2025	Baumann Capital	-	-	AHT.L, AMZN, ATLN.L, BOKA.AS, DEME.BR, FGR.PA, FTI.PA, SAPM.MI, SUBC.PA, URI	Concentration, energy, Equipment Rental, Offshore, Primary Research, Quality, value	Offshore wind installations are projected to grow substantially with global capacity expected to increase several times over by the 2030s. The growing number of wind farm installations and mounting complexity create long-term positives for subsea equipment rental. Floating wind farms require even more maintenance due to heavy winds and essential cables and mooring systems.		View
2025 Q4	Jan 15, 2026	Lyrical Asset Management	2.0%	17.9%	AAPL, AER, AMG, AMZN, EBAY, EXPE, FFIV, FLEX, GOOGL, HCA, JCI, META, MSFT, NRG, NTAP, NVDA, SNX, TSLA, UBER, URI	EPS Growth, growth, international, Performance, valuation, value	Lyrical emphasizes their uncommon combination of value and growth, with their portfolio trading at a 78% discount to the S&P 500 while generating 10.6% EPS growth versus 6.6% for the S&P 500. The value spread between their portfolio and the S&P 500 is historically wide. The firm highlights strong performance in travel-related holdings including Expedia Group and AerCap Holdings. Air transportation industry cash flows show recovery with air lessors outperforming airlines and aircraft manufacturers from 2020-2025.		View
2025 Q4	Jan 14, 2026	Wedgewood Partners	-1.8%	4.3%	AAPL, AMZN, BKNG, CB, CDW, CPRT, EW, GOOGL, META, MSI, ODFL, ORLY, POOL, PYPL, SPGI, TSCO, TSM, UNH, URI, V	AI, growth, large cap, Portfolio Management, Quality, technology, valuation	AI continues to drive significant revenue growth across portfolio companies. Google Cloud processes 1.3 quadrillion AI tokens per month, more than double from just a few quarters ago. Meta has been using AI tools for over a decade to manage their massive network, with their Andromeda machine learning system automatically retrieving and ranking tens of millions of potential ads based on user preferences. Taiwan Semiconductor Manufacturing continues to execute flawlessly on leading-edge node progression and capacity build-out, enabling the AI era by manufacturing nearly every compute accelerator including GPUs. The company's advanced nodes allow accelerator designers greater flexibility to increase performance while limiting power requirements in an increasingly power-constrained compute infrastructure industry. Google Cloud segment revenue and backlog growth accelerated, driven by AI workloads. Amazon's AWS has fostered some of the largest businesses in the world over the past 20 years, with revenue growth accelerating to over 20% as the company deployed almost 4 gigawatts of capacity for AI-workloads over the past 12 months. The manager expresses significant concern about excessive market valuations, noting that more than 30% of US market capitalization now trades above 10x sales, reminiscent of the tech bubble. The crowded AI trade and historically rich valuations are described as haunting prudent investing, with even most non-Magnificent Seven stocks failing to offer bargains. The manager has trafficked in quality stocks for more than 33 years, an approach that has served clients well since 1992 but did not work in 2025. The portfolio's fundamentals, prospective earnings growth rates, profitability measures, and balance sheet strength are notably superior to the S&P 500 Index and on par with the Russell 1000 Growth Index.	PYPL TSCO URI MSI META EW ODFL AAPL TSM GOOG CB AMZN	View
2024 Q3	Sep 30, 2024	Qualivian Investment Partners	2.4%	15.3%	AMZN, BRK-B, GOOGL, MA, META, MUSA, ORLY, TJX, URI, V	Compounding, Concentration, long-term, Quality, value	The fund focuses on concentrated portfolio of 15-25 understandable companies with wide moats, long reinvestment runways, and outstanding capital allocation. They expect these quality compounders to compound capital at mid-teens rate and hold them for extended periods.	URI MUSA	View
2024 Q3	Sep 30, 2024	ClearBridge Mid Cap Growth Strategy	0.0%	0.0%	AME, APP, APTV, CMG, COIN, CPRT, CRL, DOCS, FIVE, FTNT, HUBS, KKR, LINE, PANW, PINS, PLTR, SMCI, URI, WST	AI, growth, healthcare, industrials, mid cap, Rate Cuts, real estate, technology	AppLovin is highlighted as one of the best examples of an AI beneficiary in the mid cap market, having already incorporated AI capabilities into its platform. This translates into more effective take rates on clients' mobile games and transactions. The manager believes mobile games represent only the tip of the iceberg of AppLovin's potential for its AI-enabled platform.	AME LINE CPRT DOCS APP	View
2025 Q1	Apr 14, 2025	Wedgewood Partners	-6.3%	-6.3%	AAPL, CPRT, GOOGL, META, MSFT, ODFL, ORLY, POOL, PYPL, SPGI, TSCO, TSM, UNH, URI, V	China, growth, infrastructure, large cap, payments, tariffs, technology, volatility	The Trump administration's tariff policy has created significant market volatility, with reciprocal tariff rates initially announced at 10% across-the-board and 145% on Chinese exports. The administration issued a 90-day pause to negotiate lower rates, with critical technology exclusions for computers, smartphones and chip-making equipment representing nearly 25% of Chinese imports.	URI ORLY V	View
2023 Q3	Apr 10, 2023	LRT Capital Management	0.0%	15.8%	ABG, ACGL, ALGN, AZPN, BALL, CCI, CHE, DINO, ELS, EME, FIX, JKHY, NOC, RLI, SSD, TPL, TSM, URI, WH, WSM	Hedging, Long/Short, Quality, SMID Cap, Systematic	The fund focuses on high quality, diversified, and liquid companies with economic moats. The strategy emphasizes businesses with strong competitive dynamics that are unlikely to be meaningfully affected by small changes in interest rates.		View
2022 Q4	Jan 19, 2023	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	ALB, BKR, CRWD, GNRC, HAL, HZNP, MRVL, PLNT, URI, WOLF	-			View
2023 Q4	Jan 15, 2024	Cooper Investors Global Equities Fund (Unhedged)	5.5%	5.4%	6758.T, 8035.T, ADYEN.AS, AIT.L, AON, CDW, CRM, DHR, EUFI.PA, FER.MC, FTV, GEHC, GOOGL, HLN.L, LSEG.L, MSFT, RTO.L, URI, WDAY, YUMC	cyclicals, global, healthcare, technology, Turnarounds, value	The fund invested in Tokyo Electron during the semiconductor cycle trough in November 2022, benefiting from the industry recovery and emerging AI theme. The stock rallied 60% over the holding period as sentiment improved and earnings estimates recovered from cyclical lows.	ADYEN.AS LSEG.L GEHC	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Wedgewood Partners	United Rentals Inc.	Industrials	Trading Companies & Distributors	Bull	NYSE	consolidation, construction, Equipment Rental, Industrial, infrastructure, market share, network effects, secular growth	View Pitch
Apr 13, 2026	Fund Letters	Vltava Fund	United Rentals Inc.	Industrials	Trading Companies & Distributors	Bull	NYSE	acquisition strategy, capital efficiency, Consolidation Play, construction, Counter-cyclical, Equipment Rental, Equity, Industrial, market leader	View Pitch
Apr 13, 2026	Fund Letters	Qualivian Investment Partners	United Rentals	Industrials	Trading Companies & Distributors	Bull	NYSE	capital allocation, Construction Equipment, Cyclical, Equipment Rental, Industrial, infrastructure spending, market consolidation, oligopoly, Scale Advantages, share repurchases	View Pitch
Apr 13, 2026	Fund Letters	Qualivian Investment Partners	United Rentals	Industrials	Trading Companies & Distributors	Bull	NYSE	construction, Cyclical, Equipment Rental, FCF Generation, infrastructure spending, market consolidation, oligopoly, Scale Advantages, share repurchases, technology platform	View Pitch
Jan 16, 2026	Fund Letters	David A. Rolfe	United Rentals Inc.	Industrials	Trading Companies & Distributors	Bull	New York Stock Exchange	construction, Cyclicality, infrastructure, Rentals, scale	View Pitch
Aug 7, 2025	Seeking Alpha	Narek Hovhannisyan	United Rentals	Industrials	Rental & Leasing Services	Neutral	NYSE	—	View Pitch

BSD Shareholders of URI

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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