VMC

VMC

VMC

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	YCG Investment	-	-	AAPL, AMZN, BABA, CBRE, CRH, CSGP, EL, GOOGL, MCO, META, MLM, MSFT, NKE, SPGI, VMC	AI, Bubble, Cloud, Data centers, diversification, Quality, risk management, technology	AI is a transformative technology with huge potential to drive global growth and productivity, but the manager warns of bubble-like conditions with excessive concentration in AI-related stocks. The S&P 500's top 8 companies now represent 37.5% of the index, all betting heavily on AI, while 84 AI-related stocks account for 35% of earnings and 50% of market cap.		View
2024 Q3	Sep 30, 2024	Fenimore Value Strategy	9.2%	-	AME, APH, BN, BRK-A, BRO, CDW, IEX, KMX, MCHP, MKL, PGR, ROS, SYK, VMC	AI, Buybacks, earnings, mid cap, Quality, rates, value	The Federal Reserve cut the benchmark federal funds rate by half a percentage point in September, its first cut in more than four years. Lower rates are expected to help fuel purchases of expensive items like homes and automobiles, lead to more commercial construction, and improve consumer confidence.		View
2023 Q3	Sep 30, 2023	Fenimore Value Strategy	-2.8%	-	AVY, BKNG, BRK-A, BRN, CDW, DG, EOG, EXLS, FIS, GGG, IEX, ITW, MKL, PGR, ROST, STRY, TROW, VMC, WAT, ZBRA	Balance Sheets, fundamentals, interest rates, mid cap, Quality, value	Fenimore emphasizes high-quality companies with strong fundamentals, attractive pricing, ethical management, straightforward business models, strong balance sheets, clear competitive advantages, ample free cash flow, and growing profits. These companies held up better during the third quarter market decline.		View
2025 Q2	Jul 27, 2025	Weitz Large Cap Equity Fund	3.6%	-0.4%	ACN, AMZN, CHTR, CRM, CSU.TO, GOOGL, IDXX, IT, KMX, MA, MELI, META, MSFT, ORCL, TMO, V, VMC	AI, healthcare, large cap, software, technology, value	Capital spending on AI infrastructure continued at a blistering pace, with investors ruthlessly sorting stocks into perceived AI winners and losers. The AI revolution is in early days with rapid and fluid developments, creating dramatic stock price changes in both directions.	MELI	View
2025 Q2	Jul 27, 2025	Weitz Multi Cap Equity Fund	3.6%	4.3%	ACIW, ACN, AVGO, CDW, CHTR, CSGP, GCI, GOOGL, IT, KMX, LBRDA, LKQ, MA, META, MLM, NVDA, PRM, V, VMC	AI, Multi Cap, Quality, technology, value	AI infrastructure buildout is in early days with chip makers like Nvidia and Broadcom being biggest winners so far. Hyperscalers including Alphabet and Meta hold the purse strings on unprecedented AI infrastructure investment, giving them advantage to modulate spending based on returns while being funded by healthy cash flows from core businesses.	CDW ACN META GOOGL HEI	View
2025 Q2	Jul 20, 2025	BBH Select Series – Mid Cap Fund	5.4%	-0.9%	ANET, ATR, BRKR, BRO, CBRE, DAR, ENTG, FOUR, GFL.TO, GLOB, GWRE, GXO, HEI, ICLR, LPLA, TTWO, ULS, VMC, WH, WMS, WSO	healthcare, industrials, mid cap, payments, software, tariffs, technology	Several technology and healthcare companies were impacted by tariffs and academic and life science funding cuts. The magnitude of proposed tariffs and funding cuts have been greater than anticipated, with companies like Globant seeing Latin American clients pause projects due to tariff uncertainty. The fund exited positions in Toro and Crown Holdings due to heightened tariff risks.	GLOB WSO FOUR GWRE	View
2025 Q2	Jul 19, 2025	Appalaches Capital	7.4%	6.9%	ACGL, ASML, AZO, CNI, CSX, EFX, EXP, GOOG, LRCX, MLM, SGOV, VMC	Barriers, Building Materials, durability, Quality, Railroads, semiconductors, Trade Policy, value	Manager discusses how tariff threats caused market panic in Q2, leading to 20%+ drawdowns in some indices. While tariffs were subsequently reduced or delayed, the threat remains though investors seem less reactive now. Trade policy uncertainty continues to affect businesses assessing supply chain impacts.	EXP ASML US LRCX US EXP US	View
2023 Q2	Jul 18, 2023	Artemis US Select Fund	10.4%	-	AMZN, AVTR, BLDR, CEG, CPRT, CSX, DXCM, EXP, MCK, MCO, META, NVDA, ORCL, VMC	AI, Cloud, earnings, Housing, infrastructure, Recovery, technology	Technology holdings including Amazon, Meta Platforms, Oracle and Nvidia all contributed to performance. Meta Platforms reported strong results driven by artificial intelligence applications in their advertising business. Nvidia was purchased ahead of their blowout earnings when they provided specific guidance on AI business size.	DXCM ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN CSX VMC BLDR EXP ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO AMZN	View
2024 Q2	Jun 30, 2025	Barometer Capital Management	-	-	AGI.TO, AVGO, CNQ.TO, COP, COST, CS.TO, DIS, DOL.TO, EFN.TO, ETN, K, L.TO, LLY, MSFT, MSI, NVDA, QSR.TO, RIO, TRI.TO, VLO, VMC	AI, Canada, Consumer Staples, energy, healthcare, materials, technology	The firm continues to benefit from exposure to generative AI proliferation through NVIDIA, Broadcom, and Microsoft. NVIDIA remains the supplier of choice for GPUs used for AI development with explosive growth. Broadcom serves as the trusted partner for companies developing custom chips for AI. Thomson Reuters emerges as an AI darling in Canada, integrating AI into their legal and tax accounting business.		View
2023 Q2	Jun 30, 2023	Fenimore Dividend Focus Strategy	4.7%	-	BOC, CASS, CBZ, CIGI, CSV, DFH, ENTG, EXLS, G, IEX, NOMD, PNFP, SITE, SPSC, SSB, STE, THG, VMC, VRSK, WSO	AI, dividends, industrials, mid cap, Quality, technology, value	Fenimore emphasizes investing in quality stocks with strong financials, stable earnings growth, competitive advantages, solid management, and consistent returns. They believe quality names are the most effective way to protect and grow wealth over the long term, even if they don't beat benchmarks every quarter.	ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK	View
2023 Q2	Jun 30, 2023	Fenimore Value Strategy	4.4%	-	APH, BRO, CDW, DG, IEX, KMX, VMC	dividends, financials, industrials, mid cap, Quality, technology, value	Fenimore emphasizes investing in quality stocks with strong financials, stable earnings growth, competitive advantages, solid management, and consistent returns track records. The firm believes quality names are the most effective way to protect and grow wealth over the long term, even if they don't beat benchmarks every quarter.		View
2026 Q1	May 5, 2026	Baron Asset Fund	-7.9%	-7.9%	ACGL, CSGP, GWRE, IDXX, IT, MORN, QDEL, TECH, VEEV, VMC, VRT	AI, Data centers, industrials, infrastructure, mid cap, software, Space, technology		GWRE IT CSGP VRT	View
2025 Q1	May 22, 2025	Artemis US Select Fund	-14.7%	-14.7%	AAPL, ALL, AVTR, CTVA, EXP, FI, GOOGL, GS, KO, PCG, SAIA, VMC, WST	AI, Data centers, healthcare, industrials, tariffs, technology, Trade Policy, value	Trump's tariff announcements are creating significant market uncertainty and forcing portfolio repositioning. The managers believe tariffs are likely permanent as a revenue generation mechanism for tax cuts, leading them to reduce exposure to companies sensitive to trade disruptions.		View
2026 Q1	Apr 29, 2026	Weitz Partners III Opportunity Fund	-8.1%	-8.1%	ACN, CRM, DHR, IEX, LBRDK, MSFT, POOL, ROP, SIRI, TMO, TXN, V, VMC	AI, energy, Geopolitical, Long/Short, software, technology, value			View
2026 Q1	Apr 17, 2026	Parnassus Core Equity Fund	-6.2%	-6.2%	AMAT, BRO, BSX, CRM, DE, DHR, KLAC, LIN, NOW, O, ODFL, SPGI, TMO, VMC, WDAY	AI, Geopolitical, healthcare, industrials, large cap, Quality, semiconductors		VMC ODFL	View
2026 Q1	Apr 17, 2026	Parnassus Mid Cap Growth Fund	-7.0%	-7.0%	ARES, BILL, BLDR, CSGP, DKS, EW, HOOD, HUBG, KLAC, ODFL, RDDT, RKLB, ROK, TER, VMC	AI, growth, Housing, industrials, mid cap, semiconductors, technology			View
2024 Q1	Apr 15, 2024	Weitz Multi Cap Equity Fund	10.4%	16.3%	AAPL, BRK-B, CHTR, CSGP, GOOG, IT, LBRDA, LBTYK, LH, LICT, LILAK, LKQ, META, MKL, MLM, PRM, VMC, VRSN	Broadband, infrastructure, materials, Multi Cap, technology, value	Aggregates companies Martin Marietta Materials and Vulcan Materials benefited from continued healthy price increases and strong demand from public infrastructure projects. These companies were top contributors to performance during the quarter.	VRSN	View
2024 Q1	Apr 15, 2024	Weitz Large Cap Equity Fund	7.8%	13.3%	ADBE, ADI, AMZN, AON, BRK-B, CHTR, CRM, CSGP, FIS, GOOGL, GPN, IT, LBRDK, LH, LIN, LLYVK, MA, META, SPGI, TMO, VMC	Broadband, large cap, Rotation, technology, valuation, value	The fund follows valuation discipline, methodically rotating from more fully priced stocks to those trading at healthier discounts to value estimates. The portfolio trades at a price-to-value in the mid 90s, offering adequate return potential over a multi-year period. Stock prices have generally risen faster than value estimates, leading to less valuation cushion at the portfolio level.		View
2025 Q1	Mar 31, 2025	BBH Select Series – Mid Cap Fund	-6.0%	-6.0%	ANET, ATR, BRKR, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, LPLA, TTWO, VMC, WH, WMS, WSO, ZBRA	industrials, insurance, mid cap, software, technology, Testing, value	The fund benefits from exposure to property & casualty insurance through Brown & Brown and Guidewire Software. Brown & Brown delivered strong organic growth of 13.8% and continues to benefit from the current inflationary environment and hard insurance premium rate cycle. Guidewire benefits from increasing gross written premiums as insurance rates rise due to inflation and limited capacity.	KEYS ULS	View
2025 Q1	Mar 31, 2025	YCG Investment	-	-	CME, CRH, MLM, MSFT, OR.PA, VMC	Aggregates, AI, Construction, Cyclical, infrastructure, NIMBY, real estate	Initiated positions in CRH, Vulcan Materials, and Martin Marietta Materials - the three largest American aggregates companies. These businesses benefit from physical network effects, NIMBY dynamics that prevent new supply, and uneconomic non-local transportation costs that create local monopolies. Long-term demand growth expected from pent-up demand in residential, commercial, and infrastructure construction.	MLM VMC CRH	View
2024 Q1	Mar 31, 2024	Fenimore Value Strategy	10.9%	10.9%	AJG, APH, BR, BRO, BRO.TO, CDW, DG, ENTG, IEX, KEYS, MCHP, MKL, PGR, PNFP, ROST, RSG, SYK, TROW, TT, VMC	financials, insurance, mid cap, semiconductors, technology, value	Brown & Brown continues to benefit from an extended favorable rate environment in the property and casualty insurance markets that it serves as a broker. Progressive Corporation is benefiting from previous rate actions taken to cover the cost of litigation and automobile repairs, which have improved their loss ratio and underwriting profitability significantly.		View
2024 Q4	Feb 11, 2025	Artemis Global Select Fund	2.7%	10.1%	6861.T, AENA.MC, AMZN, AVGO, AXP, DG.PA, DGE.L, EL, ELV, FI, GOOGL, NVO, OTIS, TSLA, TSM, UBER, VMC, WFC	financials, global, industrials, infrastructure, payments, tariffs, technology	American Express was purchased based on its strong brand positioning and network effects with high-income customers. The company benefits from reward benefits funded by partners and membership fees creating customer stickiness. Card network revenues, membership and spend per card continue growing while higher rewards appear to increase usage.	OTIS WFC VMC AXP	View
2024 Q4	Dec 31, 2024	Fenimore Value Strategy	0.0%	15.6%	ADI, APH, BKNG, BN, BRK-A, CDW, EXLS, GGG, IEX, KMX, MCHP, MKL, PGR, PNFP, ROST, SSB, SYK, VMC	concentrated, long-term, mid cap, Quality, value	Fenimore focuses on finding quality companies with strong leadership that can push through economic cycles and policy changes. They seek robust businesses that drive profits higher over the medium and long term through actions like hiring producers, creating new products, and taking market share from fragile competitors.		View
2023 Q3	Nov 10, 2023	ClearBridge Investments Dividend Strategy	0.0%	0.0%	AAPL, AMT, APO, CMCSA, ENB, GILD, MET, MSFT, PXD, RTX, TMUS, VMC, VZ, WMB	dividends, energy, financials, industrials, interest rates, value	The strategy focuses on high-quality dividend growers with strong balance sheets and pricing power. Portfolio companies have grown dividends at 10% on average over recent years, demonstrating quality and durability. The managers emphasize dividend growth as protection for investors' purchasing power in inflationary environments.	GILD TMUS HRTX APO	View
2025 Q3	Oct 28, 2025	Weitz Large Cap Equity Fund	-0.5%	-0.9%	ACN, AMZN, CHTR, CRM, CSU.TO, GOOGL, IDXX, IT, KMX, MA, MELI, META, MSFT, ORCL, TMO, V, VMC	AI, healthcare, large cap, software, technology, value	Capital spending on AI infrastructure continued at a blistering pace, with investors ruthlessly sorting stocks into perceived AI winners and losers. The AI revolution is in early days with rapid and fluid developments, creating dramatic stock price changes in both directions.	MELI MELI	View
2025 Q3	Oct 28, 2025	Weitz Multi Cap Equity Fund	0.3%	4.6%	ACIW, ACN, AVGO, CDW, CHTR, CSGP, GCI, GOOGL, IT, KMX, LBRDA, LKQ, MA, META, MLM, NVDA, PRM, V, VMC	AI, Multi Cap, Quality, technology, value	AI infrastructure buildout is in early days with chip makers like Nvidia and Broadcom seeing biggest gains so far. Hyperscalers including Alphabet and Meta hold the purse strings on unprecedented AI infrastructure investment, giving them advantage to modulate spending based on returns while being funded by healthy cash flows from core businesses.	CDW ACN CDW ACN	View
2025 Q3	Oct 28, 2025	BBH Select Series – Mid Cap Fund	-0.9%	-1.8%	ANET, BFAM, BJ, BRKR, BRO, CBRE, ENTG, FOUR, GFL, GLOB, GWRE, GXO, ICLR, ITT, LPLA, TTWO, VMC, WMS, WSO, WST	AI, healthcare, mid cap, Quality, tariffs, technology, value	The fund has exposure to AI through companies like Arista Networks, which provides data center switches to cloud network and AI customers. Arista's AI revenue is targeted at $1.5 billion this year and expected to reach $2.75 billion next year, growing 60-70% and representing about 25% of revenue. The manager acknowledges enthusiasm for AI driving enormous capital expenditures in associated infrastructure while being cognizant of bubble-like behavior in certain segments.	BJ UN ITT UN BRKR UN GLOB UN FOUR UN WMS UN ANET UN BJ UN ITT UN BRKR UN GLOB UN FOUR UN WMS UN ANET UN	View
2025 Q3	Oct 21, 2025	Baron Real Estate Fund	10.2%	6.4%	AAON, ABNB, AMH, AMT, BN, BX, CBRE, CRH, CSGP, EQIX, FND, HLT, IRM, IRT, JLL, TOL, VMC, VNO, WELL, WYNN	Commercial, Data centers, Homebuilders, real estate, Recovery, REITs, Travel, value	Fund believes commercial real estate services companies like CBRE and JLL will benefit from structural tailwinds including outsourcing and institutionalization of commercial real estate. Early days of rebound in sales and leasing activity expected with potential for 20%+ annual earnings growth.	FND AAON WYNN FND AAON WYNN	View
2025 Q3	Oct 12, 2025	Macquarie Large Cap Growth Fund	4.7%	8.4%	AAPL, AMD, AMZN, DHR, EQIX, GOOGL, ICE, IDXX, INTC, INTU, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, TSM, V, VMC	AI, growth, large cap, Quality, semiconductors, technology	AI stocks have been the primary driver of market returns, accounting for roughly 75% of market gains. The fund has significant exposure to companies already benefiting from AI, as well as future beneficiaries. However, many aspects remain uncertain including business models, applications, regulation, power consumption, and hardware requirements.	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	Fenimore Value Strategy	-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 Q3	Sep 30, 2024	Baron Asset Fund	8.3%	10.6%	ACGL, COO, CSGP, DUOL, DXCM, FDS, FICO, GWRE, ICON, IDXX, IT, LPLA, MTD, ROP, SCHW, TRU, VMC, VRSK, WELL, WST	growth, healthcare, mid cap, rates, real estate, software, technology	Gartner positioned to emerge as key resource for companies evaluating AI opportunities and risks on their business. This should provide tailwind to Gartner's volume growth and pricing realization over time. Duolingo's AI tier (Max) allows users to have real-time conversations with AI-based characters.		View
2023 Q3	Aug 11, 2023	Weitz Large Cap Equity Fund	7.8%	13.3%	ADBE, ADI, CHTR, CRM, CSGP, DHR, EFX, FIS, GOOG, KMX, LBRDK, LH, LSXMK, MCHP, META, ORCL, SCHW, SIRI, TMO, VMC	Concentration, large cap, Quality, Resilience, technology, value	The manager emphasizes owning durable, resilient, adaptable businesses that can make their own breaks and don't depend on smooth sailing. This focus on resilience is central to their investment philosophy given the uncertain economic environment and Fed policy impacts.	EFX MCHP	View
2024 Q2	Jul 28, 2024	Weitz Large Cap Equity Fund	7.8%	13.3%	ADBE, ADI, AMZN, AON, CHTR, CRM, CSGP, CSU.TO, EFX, GOOG, GPN, IEX, KMX, LBRDK, LSXMK, MA, META, ODFL, ORCL, VMC	AI, Capital Allocation, large cap, Quality, technology, value	AI fever continued to grip the equity market and dominate the narrative, driving small pockets of tech-related stocks to gains. The AI-driven feeding frenzy of tech stocks has created momentum that has swamped all other factors in the market.	ODFL CSU.TO IEX	View
2024 Q2	Jul 27, 2024	Baron Asset Fund	8.3%	10.6%	AAPL, ACGL, AMZN, BAH, CSGP, DDAY, FDS, FICO, GOOGL, GWRE, IDXX, IT, META, MSFT, MTD, MTN, NVDA, PCOR, RGEN, ROP, SPOT, TROW, TSLA, VMC, VRSK, VRSN	AI, growth, healthcare, industrials, infrastructure, insurance, mid cap, technology	The Fund participated in X.AI Corp's Series B fundraising round, founded by Elon Musk to develop AI to understand the true nature of the universe. X.AI has unique access to X.com's data representing one of the largest repositories of real-time, multimodal human interaction data with nearly 600 million monthly users. The company plans to deploy one of the world's largest computing clusters with 100,000 GPUs and aims for 300,000 stronger GPUs by summer 2025.	VMC XAI FICO GWRE VRSK	View
2024 Q2	Jun 30, 2024	ClearBridge Investments Dividend Strategy	0.0%	0.0%	AAPL, APD, AVB, CMCSA, DEO, GOOGL, HLN.L, INTC, MA, MDLZ, META, MSFT, NESN.SW, NVDA, ORCL, PXD, SRE, TRV, V, VMC, WMB, XOM	Concentration, diversification, dividends, Passive investing, technology, valuation	The strategy focuses on companies with nicely growing dividends that provide cushion amid volatility and preserve purchasing power. Recent additions of Alphabet and Meta reflect the benefits of their flexible dividend approach, enabling quick moves after dividend announcements. They expect continued robust dividend growth from their companies.		View
2023 Q2	Jun 30, 2023	ClearBridge Investments All Cap Growth	0.0%	0.0%	ABBV, ABNB, AES, CLH, CP, CVS, EQT, GILD, META, MRVL, ORCL, PFE, SQ, VMC	AI, financials, Recession, small caps, technology, value	Artificial intelligence furor and speculation that benefits will accrue to mega cap incumbents explains much of the tech rally. Time will tell whether AI aids mega cap tech or helps unseat them, but market indicators point to a harder road for their outperformance going forward.	CLH AIR FP\|ICLR\|LIN\|MRVL\|NOW\|TSM	View
2023 Q2	Jun 30, 2023	ClearBridge Investments Dividend Strategy	0.0%	0.0%	AAPL, APO, AVGO, COF, DEO, DIS, MSFT, ORCL, PFE, PSA, SAP, SRE, UPS, VMC	AI, dividends, energy, financials, inflation, rates, technology, value	Managers acknowledge AI's transformative potential but express caution about the narrow market rally driven by AI enthusiasm. They note AI could displace workers and create economic disruption, with progress likely to be bumpy despite long-term potential.	COF PSA	View
2023 Q2	Jun 30, 2023	Barometer Capital Management	-	-	AGI.TO, AVGO, CNQ.TO, COST, CS.TO, DIS, DOL.TO, EFN.TO, ETN, K, L.TO, LLY, MSFT, MSI, NVDA, QSR.TO, RIO, TRI.TO, VLO, VMC	AI, Canada, Consumer Staples, energy, healthcare, materials, Tactical, technology	NVIDIA and Broadcom continued to deliver excellent performance as investors demonstrated voracious appetite for any stocks with generative AI exposure. NVIDIA's explosive growth demonstrated both the strength of demand for generative AI hardware and a more robust supply picture. Thomson Reuters has emerged as an AI darling in Canada as the company continues to seek ways to integrate AI product offerings to help their clients drive efficiencies.		View
2023 Q4	Jan 27, 2024	Weitz Multi Cap Equity Fund	10.4%	16.3%	AAPL, ACIW, AMZN, AON, DHR, GOOG, GWRE, IT, LBRDA, META, MLM, MSFT, NVDA, SCHW, TSLA, VLTO, VMC	Building Materials, Multi Cap, Quality, small caps, technology, value	The fund employs a Quality at a Discount framework applicable to businesses of all sizes. They seek high-quality businesses trading at attractive discounts to business value, with the portfolio collectively trading at an estimated price-to-value ratio in the mid 80s.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Artemis US Select Fund	Vulcan Materials Company	Materials	Construction Materials	Bull	NYSE	aggregates, construction materials, Federal Infrastructure Bill, housing market, infrastructure, materials	View Pitch
Apr 23, 2026	Fund Letters	Parnassus Core Equity Fund	Vulcan Materials Co.	Building Materials	Construction Materials	Bull	New York Stock Exchange	aggregates, barriers to entry, construction materials, Construction Recovery, Geographic Moats, infrastructure, Quarries	View Pitch
Apr 13, 2026	Fund Letters	Baron Asset Fund	Vulcan Materials Company	Materials	Construction Materials	Bull	NYSE	barriers to entry, Construction Aggregates, infrastructure spending, materials, non-residential construction, Pricing power, Quarries, residential construction	View Pitch
Apr 13, 2026	Fund Letters	YCG Investment	Vulcan Materials Company	Materials	Construction Materials	Bull	NYSE	aggregates, Building materials, construction materials, Cyclical, infrastructure, Local Monopolies, Mining, Nimby, Physical Network Effects, Pricing power	View Pitch
Apr 13, 2026	Fund Letters	Artemis Global Select Fund	Vulcan Materials	Materials	Construction Materials	Bull	NYSE	construction materials, government contracts, Hurricane Repair, infrastructure spending, market leader, non-residential construction, operational efficiency	View Pitch
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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