3 managers · $1.0B totalData: SEC EDGAR 13F · 2026Q2
Manager holders · last 5 qtrsⓘ
3
2025Q2 – 2026Q2 · flat QoQ
Total position
$1.0B
Combined value across tracked managers
Net move this quarter
↓ Trimming
Weighted by holders' share change
HolderQ actionValue% of port.Style
MarkelHold$557M4.24%Insurance float / Long-term value
Baillie GiffordⓘTrim-15.24%$272M0.25%Long-term growth / Global allocation
Harris (Oakmark)Trim-39.63%$199M0.26%Deep value / Contrarian long-term
What managers sayⓘ
2026-08-28Baillie GiffordBullFood system efficiency: investing for positive changeDetail →
2026-07-27Colossus (Invest Like the Best / Business Breakdowns)NeutralApplied Intuition: A Billion Intelligent Machines - [Business Breakdowns, EP.248]Detail →
2026-06-23Colossus (Invest Like the Best / Business Breakdowns)NeutralVlad Barbalat - Investing $120 Billion in Permanent Capital - [Invest Like the Best, EP.479]Detail →
2025-04-07Oakmark FundsBearMarkets in turmoil: Our views on the tariffsDetail →
2025-03-31Oakmark FundsBullOakmark Fund: First Calendar Quarter 2025Detail →
2024-12-04Colossus (Invest Like the Best / Business Breakdowns)NeutralSpaceX: Rocket Ship - [Business Breakdowns, EP.194]Detail →
2024-10-01Colossus (Invest Like the Best / Business Breakdowns)NeutralRay Ozzie - The Future of Intelligent Machines - [Invest Like the Best, EP.391]Detail →
Earnings Callsⓘ
Q2 2026May 21, 2026
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Overview and Conclusion Results for the quarter exceeded expectations, primarily driven by a one-time IEEPA tariff refund of $272 million, though core operations met forecasts. Performance across diversified segments was mixed.
Key Data Total net sales of $13.369 billion, up 5% YoY; net income of $1.773 billion, EPS of $6.55; equipment operating margin of 16.9% (refund contributed nearly 2.5 percentage points).
Business Progress Construction & Forestry net sales rose 29%, with order backlog up over 60% since November; Small Ag & Turf increased 16%, with market share growing in South America. Sales of six new ADAR/ADAR X tractors, See & Spray software upgrades, and JDLink Boost kits grew 25% QoQ, while monthly active digital users approached 440,000, strengthening long-term competitiveness.
Guidance and Outlook Full-year net income guidance maintained at $4.5–5.0 billion; Construction & Forestry net sales guidance raised to approximately 20% growth; Financial Services net income guidance raised to $860 million.
Risk/Highlight Signals Negative signals: South America ag equipment industry outlook revised down to a 15% decline; tariff costs of approximately $1.2 billion for the year (3% margin headwind); large ag customer sentiment weak. Positive signals: Strong construction demand with orders covering over 80% of production; improved inventory management.