Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (54 quarters reported)
$429M in Q2 2013 → $629M now. Hover for any quarter.
As reported for the quarter ended September 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| WP Wheaton Precious Mtls | 9.0% | Trimmed 7.3% | 421,408 | $56.4M |
| Ametek Inc. | 5.0% | Trimmed 8.9% | 127,243 | $31.5M |
| Visa Inc. | 4.8% | Trimmed 13% | 84,419 | $30.3M |
| Ecolab Inc. | 4.3% | Trimmed 5.4% | 99,043 | $27.2M |
| SI Service Corp. Int'l | 4.1% | Trimmed 6.9% | 342,425 | $26.1M |
| Amphenol Corp. | 4.1% | Added 31% | 307,828 | $25.9M |
| Analog Devices | 4.1% | Trimmed 3.8% | 64,639 | $25.6M |
| Aon PLC | 3.7% | Trimmed 4.1% | 85,202 | $23.6M |
| Donaldson Co., Inc. | 3.6% | Trimmed 4.5% | 260,170 | $22.6M |
| Fastenal Co. | 3.6% | Trimmed 3.7% | 454,940 | $22.5M |
| Ferguson Enterprises | 3.5% | Trimmed 4.0% | 100,032 | $22.3M |
| Progressive Corp. | 3.4% | Added 57% | 104,152 | $21.6M |
| AW Amer. Water Works | 3.3% | Trimmed 5.2% | 160,550 | $20.8M |
| Charles Schwab | 3.3% | Trimmed 12% | 211,965 | $20.7M |
| Tyler Technologies | 3.3% | New | 64,400 | $20.5M |
| Roper Technologies | 3.2% | Added 2766% | 57,325 | $20M |
| AT Allison Transmission | 3.2% | Added 6.2% | 175,274 | $19.9M |
| Kornit Digital | 3.1% | Trimmed 6.9% | 1,168,545 | $19.4M |
| Federal Signal Corp | 3.1% | Added 2.8% | 174,050 | $19.3M |
| Kadant Inc. | 3.0% | Trimmed 3.9% | 72,782 | $19M |
| Xylem Inc. | 2.7% | Trimmed 5.9% | 170,310 | $17.2M |
| RS Ryan Specialty Hldngs | 2.7% | Added 0.2% | 465,889 | $17.2M |
| Danaher Corp. | 2.5% | Trimmed 3.8% | 71,195 | $15.8M |
| Watsco, Inc. | 2.5% | Trimmed 34% | 51,565 | $15.6M |
| Nexgen Energy Ltd. | 1.8% | Unchanged | 1,225,500 | $11.2M |
| AT Agilent Tech, Inc. | 1.8% | Trimmed 7.1% | 64,550 | $11.1M |
| Badger Meter Inc | 1.7% | Added 34% | 84,600 | $10.5M |
| Waters Corporation | 1.6% | Unchanged | 23,590 | $10.4M |
| Heico Corp. | 0.9% | Trimmed 2.6% | 19,000 | $5.76M |
| Microsoft Corp. | 0.9% | Unchanged | 10,569 | $5.42M |
| Pfizer, Inc. | 0.7% | Unchanged | 165,000 | $4.71M |
| Generac Holdings | 0.5% | Unchanged | 16,150 | $3.34M |
| Fiserv Inc. | 0.4% | Trimmed 44% | 62,449 | $2.82M |
| Ormat Technologies | 0.4% | Unchanged | 26,100 | $2.39M |
| Viper Energy Inc | 0.0% | Unchanged | 7,700 | $307K |
| AE Atha Energy Corp. | 0.0% | Added 58% | 118,000 | $79.8K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2026 · filed October 06, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Rollins, Inc. | Exited | −495,655 | −$20.7M | — |
| Tyler Technologies | New | +64,400 | +$20.5M | 3.3% |
| Roper Technologies | Added | +55,325 | +$19.3M | 3.2% |
| Watsco, Inc. | Trimmed | −26,447 | −$8.01M | 2.5% |
| Progressive Corp. | Added | +37,872 | +$7.85M | 3.4% |
| Amphenol Corp. | Added | +73,377 | +$6.19M | 4.1% |
| Visa Inc. | Trimmed | −12,552 | −$4.51M | 4.8% |
| WP Wheaton Precious Mtls | Trimmed | −33,232 | −$4.44M | 9.0% |
| Ametek Inc. | Trimmed | −12,488 | −$3.09M | 5.0% |
| Charles Schwab | Trimmed | −28,968 | −$2.83M | 3.3% |
Showing the 10 largest of 31 changes.
quarter ended June 30, 2026 · filed July 09, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Fastenal Co. | Added | +291,190 | +$14M | 3.4% |
| Federal Signal Corp | Added | +106,555 | +$13.7M | 3.3% |
| Xylem Inc. | Added | +100,220 | +$11.8M | 3.2% |
| Analog Devices | Trimmed | −27,921 | −$11.1M | 4.0% |
| Watsco, Inc. | Added | +22,320 | +$9.3M | 4.9% |
| Badger Meter Inc | Trimmed | −59,150 | −$8.78M | 1.4% |
| Danaher Corp. | Trimmed | −40,857 | −$7.78M | 2.1% |
| Waters Corporation | Added | +11,870 | +$4.45M | 1.3% |
| Pfizer, Inc. | New | +165,000 | +$3.97M | 0.6% |
| IW Invesco Water ETF | Exited | −32,780 | −$2.19M | — |
Showing the 10 largest of 29 changes.
quarter ended March 31, 2026 · filed April 08, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| WP Wheaton Precious Mtls | Trimmed | −209,220 | −$27.4M | 9.8% |
| Xylem Inc. | New | +80,830 | +$9.66M | 1.6% |
| Analog Devices | Trimmed | −29,900 | −$9.51M | 5.0% |
| Fastenal Co. | Added | +174,100 | +$8.08M | 1.4% |
| Federal Signal Corp | New | +62,730 | +$6.78M | 1.1% |
| Kadant Inc. | Added | +20,615 | +$6.03M | 3.6% |
| Badger Meter Inc | Added | +39,455 | +$6.01M | 3.0% |
| Roper Technologies | Trimmed | −15,455 | −$5.47M | 0.1% |
| Kornit Digital | Added | +352,655 | +$5.17M | 3.0% |
| Amphenol Corp. | Trimmed | −37,160 | −$4.7M | 5.1% |
Showing the 10 largest of 18 changes.
quarter ended December 31, 2025 · filed January 09, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Amdocs Ltd. | Exited | −246,539 | −$20.2M | — |
| Badger Meter Inc | New | +82,695 | +$14.4M | 2.3% |
| Roper Technologies | Added | +14,905 | +$6.63M | 1.2% |
| Ferguson Enterprises | Added | +28,675 | +$6.38M | 3.7% |
| Watsco, Inc. | Added | +16,322 | +$5.5M | 3.0% |
| Kornit Digital | Trimmed | −356,935 | −$5.13M | 2.1% |
| Amphenol Corp. | Trimmed | −33,685 | −$4.55M | 6.1% |
| WP Wheaton Precious Mtls | Trimmed | −27,060 | −$3.18M | 12.6% |
| Fiserv Inc. | Trimmed | −30,998 | −$2.08M | 1.6% |
| RS Ryan Specialty Hldngs | Added | +15,750 | +$813K | 4.0% |
Showing the 10 largest of 30 changes.
quarter ended September 30, 2025 · filed October 08, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FE Franklin Elec. Co., Inc. | Exited | −173,991 | −$15.6M | — |
| Amphenol Corp. | Trimmed | −111,404 | −$13.8M | 6.3% |
| Kornit Digital | Added | +621,595 | +$8.39M | 2.7% |
| WP Wheaton Precious Mtls | Trimmed | −67,810 | −$7.58M | 12.5% |
| FT First Trust Cln Edge | Exited | −46,900 | −$6.52M | — |
| Donaldson Co., Inc. | Added | +61,400 | +$5.03M | 3.6% |
| Avantor Inc. | Exited | −131,000 | −$1.76M | — |
| AW Amer. Water Works | Added | +7,855 | +$1.09M | 3.8% |
| Danaher Corp. | Added | +5,389 | +$1.07M | 3.7% |
| Fiserv Inc. | Added | +5,577 | +$719K | 3.6% |
Showing the 10 largest of 27 changes.
quarter ended June 30, 2025 · filed July 09, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| WP Wheaton Precious Mtls | Trimmed | −247,535 | −$22.2M | 10.8% |
| Avantor Inc. | Trimmed | −1,060,617 | −$14.3M | 0.3% |
| Kadant Inc. | Added | +22,645 | +$7.19M | 2.8% |
| Watsco, Inc. | Added | +14,405 | +$6.36M | 2.8% |
| Kornit Digital | Added | +316,150 | +$6.29M | 2.0% |
| Ferguson Enterprises | Trimmed | −25,625 | −$5.58M | 2.6% |
| Progressive Corp. | Trimmed | −20,225 | −$5.4M | 2.7% |
| Donaldson Co., Inc. | Trimmed | −35,780 | −$2.48M | 2.3% |
| Fiserv Inc. | Added | +12,870 | +$2.22M | 4.6% |
| Amphenol Corp. | Trimmed | −10,940 | −$1.08M | 6.6% |
Showing the 10 largest of 28 changes.
quarter ended March 31, 2025 · filed April 09, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| WP West Pharm Svcs Inc | Exited | −78,661 | −$25.8M | — |
| WP Wheaton Precious Mtls | Trimmed | −158,030 | −$12.3M | 12.4% |
| Fiserv Inc. | Trimmed | −20,149 | −$4.45M | 5.4% |
| Aon PLC | Trimmed | −5,190 | −$2.07M | 5.6% |
| Amdocs Ltd. | Added | +20,030 | +$1.83M | 3.5% |
| Avantor Inc. | Added | +105,490 | +$1.71M | 3.0% |
| Donaldson Co., Inc. | Trimmed | −23,785 | −$1.6M | 2.6% |
| Ferguson Enterprises | Trimmed | −8,250 | −$1.32M | 2.6% |
| Kornit Digital | Added | +49,125 | +$937K | 1.0% |
| FE Franklin Elec. Co., Inc. | Trimmed | −6,050 | −$568K | 2.6% |
Showing the 10 largest of 26 changes.
quarter ended December 31, 2024 · filed January 03, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ferguson Enterprises | New | +109,375 | +$19M | 2.9% |
| Donaldson Co., Inc. | Added | +263,600 | +$17.8M | 2.8% |
| WP Wheaton Precious Mtls | Trimmed | −92,183 | −$5.18M | 10.2% |
| Fiserv Inc. | Trimmed | −24,243 | −$4.98M | 5.6% |
| Amdocs Ltd. | Trimmed | −36,445 | −$3.1M | 3.0% |
| Aon PLC | Trimmed | −4,613 | −$1.66M | 5.2% |
| AT Agilent Tech, Inc. | Trimmed | −6,700 | −$900K | 1.0% |
| WP West Pharm Svcs Inc | Trimmed | −2,470 | −$809K | 4.0% |
| Generac Holdings | Trimmed | −4,300 | −$667K | 0.5% |
| SI Service Corp. Int'l | Trimmed | −8,267 | −$660K | 4.6% |
Showing the 10 largest of 19 changes.
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