4 managers · $994M totalData: SEC EDGAR 13F · 2026Q1
Manager holders · last 4 qtrsⓘ
4
2025Q2 – 2026Q1 · flat QoQ
Total position
$994M
Combined value across tracked managers
Net move this quarter
↓ Trimming
Weighted by holders' share change
HolderQ actionValue% of port.Style
Harris (Oakmark)Add+3.44%$918M1.22%Deep value / Contrarian long-term
MarkelAdd+6.37%$36M0.31%Insurance float / Long-term value
Third PointⓘTrim-94.48%$24M1.16%Aggressive value / Event-driven
HoskingⓘTrim-9%$15M0.54%Contrarian value / Global diversified
What managers sayⓘ
2025-09-30Oakmark FundsBullOakmark Fund: Third Calendar Quarter 2025Detail →
2017-12-31Giverny CapitalBullGiverny Capital Annual Letter to Partners 2017Detail →
2014-12-31Giverny CapitalBullGiverny Capital Annual Letter to Partners 2014Detail →
2013-12-31Giverny CapitalNeutralGiverny Capital Annual Letter to Partners 2013Detail →
2012-12-31Giverny CapitalBullGiverny Capital Annual Letter to Partners 2012Detail →
Earnings Callsⓘ
Q1 2026April 23, 2026
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Overall Conclusion This quarter’s results exceeded expectations, primarily driven by improvements in operational efficiency and cost control, despite pressure from fuel costs.
Key Data The operating ratio improved year-over-year, with train length increasing by 3% to a record high, over 100 fewer locomotives on the mainline, and employee productivity rising by 7%.
Business Progress Service products continued to be optimized. 20 new construction projects were closed in the first quarter, 520 customers signed a letter supporting the merger, and domestic intermodal achieved a record for three consecutive quarters.
Guidance & Outlook Management reiterated its full-year target for operating ratio improvement. Fuel costs are the main pressure in the second quarter, but confidence remains for the full year. The merger is expected to be approved in the second quarter of 2027.
Risk / Highlight Signals Management’s tone was positive, emphasizing that the railway has over 10% idle capacity and can grow without significant capital expenditure. The tone was optimistic about merger approval, viewing the competitive landscape as favorable.