WAT

WAT

WAT

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 18, 2025	Impax Global Environmental Markets Fund	12.5%	10.5%	APH, IEX, MSFT, NVDA, WAT, ZTS	Energy Efficiency, grid investment, Pricing Power, secular growth, sustainability	The letter emphasizes long-term structural growth in environmental markets driven by energy efficiency, grid modernization, and resource optimization. Management argues that short-term political and tariff noise has not impaired secular demand for sustainability-linked solutions. The portfolio favors high-quality businesses with pricing power and resilient earnings profiles.	WAT	View
2023 Q4	Dec 31, 2023	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	11.3%	16.1%	APD, CDW, MKL, ROST, WAT	-			View
2023 Q2	Dec 7, 2023	Madison Mid Cap Fund	7.2%	12.4%	ACGL, BRO, GBCI, PGR, WAT	-			View
2025 Q3	Oct 9, 2025	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	1.4%	-	A, APH, BRO, CDW, LSTR, ROST, WAT	AI, industrials, Logistics, retail, value	The fund highlights positions in Ross Stores and Amphenol, benefiting from AI data center buildouts and improving retail margins. New buys like Agilent and Landstar reflect a focus on resilient industrial and analytical businesses poised for cyclical normalization. Management stresses patience and capital-light models amid market rotation.	LSTR US A US ROST US APH US	View
2023 Q3	Oct 31, 2023	The London Company SMID Cap	9.2%	9.2%	BKI, BR, CHDN, CWST, LANC, LW, MTN, NEU, WAT, ZBRA	-			View
2025 Q3	Oct 28, 2025	The London Company SMID Cap	0.8%	-6.6%	ACIW, AWI, CWST, DECK, JKHY, NEU, REYN, SGI, WAT	Artificial Intelligence, fundamentals, interest rates, Mid Caps, Quality	The fund lagged its benchmark due to underperformance of high-quality holdings during a high-beta rally driven by AI enthusiasm and rate cuts. Management emphasized patience with quality-focused, cash-generative companies that historically regain leadership when speculation subsides. The team continues to avoid speculative growth, favoring resilient mid-cap franchises positioned for normalized rate environments.	DECK ACIW JKHY CWST WAT NEU SGI AWI DECK ACIW JKHY CWST WAT NEU SGI AWI	View
2025 Q3	Oct 28, 2025	The London Company Small-Mid Cap	0.8%	-6.6%	ACIW, AWI, CWST, DECK, JKHY, NEU, REYN, SGI, WAT	Artificial Intelligence, fundamentals, interest rates, Quality, volatility	The portfolio trailed as high-beta, speculative stocks rallied on Fed easing and AI optimism, while quality-focused names lagged. Managers noted the markets shift toward volatility and speculation, which they expect to reverse as fundamentals reassert leadership. The team continues emphasizing resilient companies with strong cash flow and durable moats as valuations stretch and rate cuts support selective opportunities.		View
2025 Q3	Oct 22, 2025	Kovitz Core Equity Strategy	-	8.2%	ALC, COO, FI, GOOG, KMX, ORCL, PM, PPG, RYAN, TSLA, WAT	AI, Compounding, Health Care, Quality, valuation	Kovitz highlights market concentration in AI and mega-cap technology stocks while maintaining a valuation-disciplined focus on quality compounders. The strategy increased exposure to healthcare and insurance names like Alcon and Ryan Specialty after taking profits in Oracle. The team stresses long-term fundamentals and risk discipline amid elevated valuations and AI euphoria.	WAT RYAN COO ALC ORCL WAT RYAN COO ALC ORCL	View
2024 Q3	Oct 2, 2024	The London Company Small-Mid Cap	2.0%	4.8%	AWI, ENTG, LW, WAT, WTM, ZBRA	-			View
2025 Q4	Jan 21, 2026	The London Company SMID Cap	2.0%	-4.8%	AER, LW, NEU, WAT, WTM, ZBRA	industrials, mid cap, Quality, small cap, SMID Cap, value	The portfolio emphasizes companies with high and stable returns on invested capital, conservative leverage, and reasonable valuations. Quality factors were headwinds during the quarter but the manager believes the environment is becoming more conducive to fundamentals where earnings growth, dividends, and balance-sheet strength matter more than valuation multiple expansion. Value outperformed Growth across the market cap spectrum during the quarter, with Value factors being the primary driver of returns, led by stocks trading at lower prices relative to sales and book value. The manager expects a return to fundamentals where reasonable valuations become more important.	LW NEU ZBRA AER	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
2025 Q4	Jan 19, 2026	Artisan Mid Cap Fund	-0.4%	14.8%	ALAB, APG, ARGX, ASND, BKR, COHR, CVNA, DASH, INSM, LHX, MACOM, MDB, RBC, RBLX, SHOP, SPOT, TTAN, VEEV, WAT, WST	AI, Biotechnology, defense, growth, healthcare, industrials, mid cap, technology	AI-related capital spending remains an area of active debate entering 2026. The team continues to find compelling opportunities among companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology that improves datacenter performance and efficiency. Healthcare returned as a source of market strength with the team maintaining relatively high exposure despite several years of industry headwinds. The positioning is grounded in conviction in profit cycle opportunities for biotech companies with compelling product launches. Aerospace and defense holdings appear well positioned for multiyear growth. The team believes companies are well positioned to benefit from growing investment in next-generation missile defense and national security programs requiring advanced capabilities. Holdings exposed to datacenter and AI infrastructure spending contributed to returns. Companies benefit from continued cloud growth and rising AI demand driving rapid datacenter expansion with strong long-term growth opportunities.	IRTC FERG SNOW WAT TTAN CVNA ALAB LHX SPOT VEEV MDB RBLX INSM COHR	View
2025 Q4	Jan 13, 2026	Mawer International Equity Fund	-1.8%	18.4%	000660.KS, 0700.HK, AJG, APH, ATR, BA.L, BNS.TO, COR, CSU.TO, DHR, FTT.TO, GOOGL, MFC.TO, MMC, MSFT, PNG.V, RY.TO, TD.TO, TOI.TO, WAT	AI, defense, equities, global, gold, Quality, semiconductors, Valuations	AI remained the dominant market narrative, yet the year's shift from a focus on computing power to concerns about data centre profitability and power supply raised bubble concerns. The combination of industrial-scale spending, still-unproven economics, and higher valuations increases the risk that expectations get ahead of reality. Amphenol benefited from robust demand for AI-related interconnect products, which now account for over a third of its revenue. Gold remained well supported against the backdrop of easier global policy and unresolved geopolitical and trade risks. The firm narrowed their long-standing underweight to gold stocks in a measured way as geopolitical uncertainty, de-dollarization, fiscal indiscipline, central bank gold purchases, and falling interest rates created a more supportive backdrop. They focused on gold-related companies with differentiated, relatively lower-risk business models. Defense contractors such as the UK's BAE, Italy's Leonardo, and France's Thales experienced pullbacks in the fourth quarter on the possibility of a diplomatic breakthrough in the Russia-Ukraine war. However, geopolitical events early in the year helped defense company shares more-than-offset the declines seen in the fourth quarter. Kraken Robotics also benefited from increased government defence spending. High-bandwidth memory leader SK Hynix nearly doubled in the quarter thanks to explosive demand for its products. Other AI-linked semiconductor companies were rewarded for continued fundamental strength, such as TSMC and Kokusai Electric. European equities were supported by semiconductor stocks among other factors.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 23, 2026	Fund Letters	Matthew Kamm	Waters Corporation	Health Care	Life Sciences Tools & Services	Bull	New York Stock Exchange	biologics, Consumables, instruments, lifesciences, Recurring_revenue	View Pitch
Jan 8, 2026	Fund Letters	Hubert Aarts	Waters Corporation	Health Care	Life Sciences Tools & Services	Bull	New York Stock Exchange	Consumables, Cyclicality, instruments, Lifescience, Margins, Regulation, Testing	View Pitch
Nov 29, 2025	Fund Letters	Brian Campbell	Waters Corporation	Health Care	Life Sciences Tools & Services	Bull	NYSE	acquisition, diagnostics, growth, life sciences, M&A, recurring revenue, ROIC	View Pitch
Nov 29, 2025	Fund Letters	Matt Hayner	Waters Corporation	Health Care	Life Sciences Tools & Services	Bull	NYSE	acquisition, Analytical instruments, Biotech, diagnostics, EPS growth, recurring revenue, synergy	View Pitch
Nov 29, 2025	Fund Letters	Brian Campbell	Waters Corporation	Health Care	Life Sciences Tools & Services	Bull	NYSE	acquisition, diagnostics, growth, life sciences, M&A, recurring revenue, ROIC	View Pitch
Nov 28, 2025	Fund Letters	Matt Hayner	Waters Corporation	Health Care	Life Sciences Tools & Services	Bull	NYSE	acquisition, Analytical instruments, Biotech, diagnostics, EPS growth, recurring revenue, synergy	View Pitch
Aug 8, 2025	Seeking Alpha	Daniel Jones	Waters Corporation	Health Care	Diagnostics & Research	Neutral	NYSE	—	View Pitch
Aug 7, 2025	Seeking Alpha	The Value Investor	Waters Corporation	Health Care	Diagnostics & Research	Neutral	NYSE	—	View Pitch

BSD Shareholders of WAT

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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