VMC

VMC

VMC

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q1	May 22, 2025	Artemis US Select Fund (Class I Accumulation Shares GBP)	-14.7%	-14.7%	AAPL, AVTR, CTVA, FIX, GOOG, SAIA, VMC, WST	-			View
2025 Q3	Oct 12, 2025	Macquarie Large Cap Growth Fund	4.7%	8.4%	AMD, EQIX, ICE, INTU, META, VMC	AI, Cloud, growth, healthcare, innovation	Macquarie highlights AIs sustained impact on cloud spending and software margins while rotating into select healthcare innovators as defensive growth. Management expects broadening leadership beyond mega-cap techs as rate cuts take effect.	EQIX AMD VMC INTU ICE	View
2025 Q4	Jan 30, 2026	BBH Select Series – Mid Cap Fund	-3.9%	-5.6%	ANET, ATR, BJ, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, ITT, KEYS, LPLA, MCW, NVR, TTWO, TW, ULS, VMC, WH, WMS, WSC, WSO, WST, ZBRA	AI, fundamentals, Intrinsic Value, mid cap, profitability, Quality, technology, value	AI-related demand is driving the fastest growth in Keysight's wireline business and represented approximately 10% of Keysight total revenue in 2025. The enthusiasm for artificial intelligence driving enormous capital expenditures in associated infrastructure has been a key catalyst for the low-quality rally. Keysight is extremely well positioned to benefit from ongoing technology innovation across the wireless, networking, and semiconductor markets. The fund focuses on high-quality, profitable companies and avoids speculative ventures. Portfolio companies have grown revenues and EBITDA by 10% and 11% over the last twelve months, respectively, compared to 5% and 4% for the Index. The portfolio enjoys superior operating margins and return on equity of 20% and 17%, compared to 12% and 15% for the Index. The fund was trading at 82% of underlying intrinsic value estimates on a weighted-average basis as of December 31, 2025. The manager seeks to invest at a discount to intrinsic value to establish a margin of safety and mitigate the potential for permanent capital loss. While willing to pay a reasonable valuation multiple premium for quality, the focus remains on attractive valuations.	GWRE FOUR KEYS DAR	View
2025 Q4	Jan 20, 2026	Appalaches Capital	1.7%	16.5%	ACGL, ASML, AZO, EXP, GOOGL, PGR, PM, VMC	alpha, Concentration, large cap, long-term, Patience, Quality, value	The manager emphasizes investing in companies with steep competitive advantages and durable value propositions. Portfolio construction focuses on 12-15 concentrated investments in unique, independent businesses with barriers to entry that protect economic profitability for decades. Earning acceptable returns requires buying at acceptable prices, which requires patience. The manager focuses on finding quality companies that are undervalued at specific points in time, rebalancing toward those with more attractive prices when discounts appear.	ASML GOOG	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
2024 Q2	Jul 28, 2024	Weitz Large Cap Equity Fund	7.8%	13.3%	CSGP, CSU, IEX, META, ODFL, VMC	-			View
2024 Q2	Jul 27, 2024	Baron Asset Fund	8.3%	10.6%	ARCH, CSGP, FICO, GWRE, IT, MNT, VMC, VRSK	-			View
2023 Q2	Jul 20, 2023	Weitz Value Fund	12.3%	19.0%	AMZN, CHTR, META, VMC	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Nov 29, 2025	Fund Letters	Bradley Klapmeyer	Vulcan Materials Company	Materials	Construction Materials	Bull	NYSE	aggregates, backlog, infrastructure, Margins, oligopoly, Pricing power, resilience	View Pitch
Nov 29, 2025	Fund Letters	Brian Yacktman	Vulcan Materials Company	Materials	Construction Materials	Bull	NYSE	aggregates, Buildingmaterials, construction, Inflationprotection, infrastructure, Nimby, Pricingpower	View Pitch

BSD Shareholders of VMC

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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