River Road Asset Mgmt

Andrew Beck

Period

Q4 2025

Portfolio Date

31 Dec 2025

Stocks Held

175

Market Value

$9.1B

Top 5 Holdings

1
BJ

$BJ

BJ's Wholesale Club Holdings, Inc.

3.36%

% of Portfolio

2
WTM

$WTM

White Mountains Insurance Group, Ltd.

2.76%

% of Portfolio

3
LAD

$LAD

Lithia Motors, Inc.

2.71%

% of Portfolio

4
BRK.B

$BRK.B

Berkshire Hathaway Inc.

2.47%

% of Portfolio

5
MGRC

$MGRC

McGrath RentCorp

2.45%

% of Portfolio

All Holdings

1
BJ

$BJ

3.36%

2
WTM

$WTM

2.76%

3
LAD

$LAD

2.71%

4
BRK.B

$BRK.B

2.47%

5
MGRC

$MGRC

2.45%

6
MUSA

$MUSA

2.24%

7
CXW

$CXW

1.88%

8
AGO

$AGO

1.86%

9
UNF

$UNF

1.83%

10
AMRZ

$AMRZ

1.71%

11
GXO

$GXO

1.7%

12
GNW

$GNW

1.62%

13
PLUS

$PLUS

1.56%

14
CACI

$CACI

1.47%

15
ARES

$ARES

1.43%

16
MAA

$MAA

1.43%

17
COO

$COO

1.42%

18
CRH

$CRH

1.42%

19
VNT

$VNT

1.35%

20
FCNCA

$FCNCA

1.3%

21
GEHC

$GEHC

1.27%

22
WEX

$WEX

1.27%

23
UNP

$UNP

1.24%

24
AXS

$AXS

1.24%

25
ATR

$ATR

1.23%

26
WTW

$WTW

1.23%

27
KR

$KR

1.21%

28
CSL

$CSL

1.16%

29
SNN

$SNN

1.14%

30
LH

$LH

1.12%

31
PGR

$PGR

1.1%

32
ICUI

$ICUI

1.02%

33
MDU

$MDU

1.01%

34
DAL

$DAL

0.98%

35
HAE

$HAE

0.97%

36
PSMT

$PSMT

0.97%

37
ICLR

$ICLR

0.95%

38
DE

$DE

0.94%

39
BDX

$BDX

0.93%

40
NWE

$NWE

0.89%

41
UFPI

$UFPI

0.88%

42
BN

$BN

0.86%

43
DK

$DK

0.83%

44
PRKS

$PRKS

0.82%

45
SWX

$SWX

0.81%

46
MMS

$MMS

0.78%

47
DOLE

$DOLE

0.76%

48
IMKTA

$IMKTA

0.76%

49
PRSU

$PRSU

0.75%

50
LMT

$LMT

0.75%

51
MTN

$MTN

0.74%

52
VRRM

$VRRM

0.73%

53
PR

$PR

0.72%

54
IFF

$IFF

0.72%

55
RTO

$RTO

0.7%

56
TTAM

$TTAM

0.7%

57
PAYC

$PAYC

0.69%

58
QSR

$QSR

0.65%

59
CNH

$CNH

0.64%

60
CNNE

$CNNE

0.62%

61
BRBR

$BRBR

0.62%

62
HUBG

$HUBG

0.62%

63
HII

$HII

0.61%

64
BMRN

$BMRN

0.59%

65
WSC

$WSC

0.59%

66
AWI

$AWI

0.59%

67
WCC

$WCC

0.58%

68
SSNC

$SSNC

0.56%

69
PX

$PX

0.55%

70
TRIP

$TRIP

0.55%

71
ABG

$ABG

0.54%

72
SAIC

$SAIC

0.53%

73
KKR

$KKR

0.53%

74
TXNM

$TXNM

0.52%

75
LEN

$LEN

0.52%

76
NOMD

$NOMD

0.5%

77
SNX

$SNX

0.48%

78
LKQ

$LKQ

0.48%

79
HHH

$HHH

0.46%

80
EMBC

$EMBC

0.45%

81
CNA

$CNA

0.44%

82
LGIH

$LGIH

0.44%

83
CASY

$CASY

0.44%

84
ENOV

$ENOV

0.43%

85
OC

$OC

0.43%

86
YELP

$YELP

0.39%

87
SMPL

$SMPL

0.35%

88
DINO

$DINO

0.35%

89
JBI

$JBI

0.33%

90
UL

$UL

0.32%

91
EVTC

$EVTC

0.31%

92
INGM

$INGM

0.31%

93
NSP

$NSP

0.31%

94
VYX

$VYX

0.29%

95
SSD

$SSD

0.24%

96
HCC

$HCC

0.24%

97
BAH

$BAH

0.24%

98
WMB

$WMB

0.24%

99
DEO

$DEO

0.23%

100
RPRX

$RPRX

0.22%

101
PNC

$PNC

0.22%

102
WMG

$WMG

0.22%

103
TNC

$TNC

0.21%

104
TLN

$TLN

0.21%

105
COKE

$COKE

0.21%

106
LSTR

$LSTR

0.2%

107
RDN

$RDN

0.19%

108
PGNY

$PGNY

0.19%

109
ITRN

$ITRN

0.19%

110
CB

$CB

0.19%

111
ALIT

$ALIT

0.18%

112
EXPD

$EXPD

0.17%

113
CPAY

$CPAY

0.17%

114
NMIH

$NMIH

0.17%

115
KMI

$KMI

0.17%

116
TPG

$TPG

0.16%

117
BXC

$BXC

0.16%

118
OSK

$OSK

0.16%

119
CCL

$CCL

0.16%

120
SBUX

$SBUX

0.15%

121
PKE

$PKE

0.15%

122
CRM

$CRM

0.14%

123
WFC

$WFC

0.14%

124
ACIW

$ACIW

0.14%

125
EL

$EL

0.14%

126
AMT

$AMT

0.13%

127
OVV

$OVV

0.13%

128
APD

$APD

0.12%

129
GPC

$GPC

0.11%

130
TXN

$TXN

0.11%

131
GEO

$GEO

0.11%

132
SN

$SN

0.11%

133
NWSA

$NWSA

0.11%

134
ACN

$ACN

0.11%

135
VOYA

$VOYA

0.1%

136
APG

$APG

0.1%

137
MU

$MU

0.1%

138
CG

$CG

0.1%

139
MDT

$MDT

0.1%

140
EXPE

$EXPE

0.1%

141
BATRK

$BATRK

0.09%

142
JOE

$JOE

0.09%

143
PEP

$PEP

0.08%

144
ABBV

$ABBV

0.08%

145
JNJ

$JNJ

0.08%

146
EOG

$EOG

0.08%

147
ALG

$ALG

0.08%

148
AVT

$AVT

0.08%

149
- HEWLETT PACKARD ENTERPRISE C

$ - HEWLETT PACKARD ENTERPRISE C

0.08%

150
AMGN

$AMGN

0.08%

151
ORCL

$ORCL

0.07%

152
RPM

$RPM

0.07%

153
VMI

$VMI

0.07%

154
ACI

$ACI

0.07%

155
FNF

$FNF

0.07%

156
PSX

$PSX

0.06%

157
IDA

$IDA

0.06%

158
WSO

$WSO

0.06%

159
DUK

$DUK

0.06%

160
BMY

$BMY

0.06%

161
AES

$AES

0.05%

162
CSGS

$CSGS

0.05%

163
CSCO

$CSCO

0.04%

164
EXE

$EXE

0.04%

165
EPD

$EPD

0.04%

166
GLW

$GLW

0.03%

167
CCI

$CCI

0.03%

168
EPM

$EPM

0.02%

169
ETF-IWN

$ETF-IWN

0.01%

170
ET

$ET

0.01%

171
CNI

$CNI

0.01%

172
APO

$APO

0.01%

173
AER

$AER

0%

174
NVR

$NVR

0%

175
FG

$FG

0%

Recent Sells

1CSX - CSX Corporation2,729,409 shares
2FIS - Fidelity National Information Services, Inc.1,083,755 shares
3SM - SM Energy Company1,721,765 shares
4KAR - OPENLANE, Inc.970,685 shares
5AHL - Aspen Insurance Holdings Limited579,134 shares
6ATKR - Atkore Inc.336,274 shares
7FI - Fiserv, Inc.153,642 shares
8TAP - Molson Coors Beverage Company342,714 shares
9RPAY - Repay Holdings Corporation2,303,218 shares
10KMB - Kimberly-Clark Corporation84,051 shares