River Road Asset Mgmt

Andrew Beck

Period

Q1 2026

Portfolio Date

Mar 31, 2026

Stocks Held

176

Market Value

$8.8B

Portfolio Analysis

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I. Institutional Overview

Andrew Beck and the team at River Road Asset Management have long been recognized in the investment community for their disciplined, value-oriented approach to capital allocation. As of the first quarter of 2026, the institution manages a substantial portfolio with a total market value of approximately $8.82 billion. This scale positions River Road as a...

The psychological portrait of River Road, as derived from its 176 distinct holdings, suggests a "conviction-based diversification" strategy. With 176 stocks, the firm avoids the extreme concentration risks associated with "hedge fund-style" portfolios that might hold only 10 to 20 names. However, a closer look at the weight distribution shows that the top...

In the current market context, River Road appears to be in a phase of "strategic pruning and replanting." The total number of holdings remains robust, yet the internal churn—characterized by the complete liquidation of 27 positions and the initiation of several high-profile new entries—points to a proactive management style. This is not an institution...

Based on the latest available 13F filing.

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Holdings Value Trend

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Top 5 Holdings

1

$BJ

BJ's Wholesale Club Holdings, Inc.

3.9%

% of Portfolio

2

$WTM

White Mountains Insurance Group, Ltd.

3.0%

% of Portfolio

3

$MGRC

McGrath RentCorp

2.7%

% of Portfolio

4

$BRK.B

Berkshire Hathaway Inc.

2.5%

% of Portfolio

5

$MUSA

Murphy USA Inc.

2.2%

% of Portfolio

Historical Positions

SymbolQ1 2026Q4 2025Q3 2025Q2 2025
BJ3.9%3.4%3.2%2.8%
WTM3.0%2.8%2.0%2.5%
MGRC2.7%2.5%2.7%3.1%
BRK.B2.5%2.5%2.3%-
MUSA2.2%2.2%2.2%2.3%
GXO2.1%--1.9%
MAA2.0%---
CXW1.9%1.9%2.0%2.2%
LAD1.9%2.7%2.0%-
AGO1.8%1.9%-1.9%

Post-Filing Contributors

Price change since reported price, ranked by portfolio contribution

MUSA+25.93%
WSC+49.14%
AMZN+15.96%
SNX+37.37%
GNW+8.87%

Post-Filing Detractors

Price change since reported price, ranked by portfolio contribution

COO-5.58%
WTW-10.29%
VNT-19.17%
GEHC-9.37%
AGO-7.17%

Sector Analysis

Energy3.4%
Others1.7%
Materials5.9%
Utilities3.4%
Financials17.6%
Healthcare13.8%
Technology8.8%
Industrials19.4%

Trading Summary

1

$AXP

1.3%

2

$TFX

1.3%

3

$CALM

1.2%

4

$DIS

1.1%

5

$CEG

0.9%

6

$KDP

0.8%

7

$AMZN

0.8%

8

$SFM

0.6%

9

$DNOW

0.5%

10

$UGI

0.3%

11

$CHE

0.3%

12

$ETF-IWD

0.3%

13

$CBSH

0.2%

14

$IRT

0.2%

15

$MSGS

0.1%

16

$MTDR

0.1%

17

$BRO

0.1%

18

$UNFI

0.1%

19

$RELX

0.1%

20

$TFII

0.1%

All Holdings

1

$BJ

3.9%

2

$WTM

3.0%

3

$MGRC

2.7%

4

$BRK.B

2.5%

5

$MUSA

2.2%

6

$GXO

2.1%

7

$MAA

2.0%

8

$CXW

1.9%

9

$LAD

1.9%

10

$AGO

1.8%

11

$ATR

1.7%

12

$COO

1.6%

13

$WTW

1.6%

14

$CRH

1.5%

15

$LH

1.5%

16

$UNF

1.4%

17

$AMRZ

1.4%

18

$GNW

1.4%

19

$PLUS

1.4%

20

$VNT

1.3%

21

$UNP

1.3%

22

$AXP

1.3%

23

$DK

1.3%

24

$TFX

1.3%

25

$CALM

1.2%

26

$KR

1.2%

27

$SNN

1.2%

28

$AXS

1.2%

29

$GEHC

1.1%

30

$PGR

1.1%

31

$FCNCA

1.1%

32

$DIS

1.1%

33

$IFF

1.0%

34

$PSMT

1.0%

35

$IMKTA

1.0%

36

$MDU

1.0%

37

$ICUI

0.9%

38

$UFPI

0.9%

39

$CACI

0.9%

40

$CEG

0.9%

41

$SWX

0.9%

42

$PR

0.9%

43

$PRSU

0.9%

44

$HAE

0.8%

45

$DAL

0.8%

46

$WEX

0.8%

47

$KDP

0.8%

48

$AMZN

0.8%

49

$PRKS

0.8%

50

$DOLE

0.8%