Broyhill
Broyhill AM
Jun 2025 → Mar 2026
Our archive holds 2 letters from this strategy, behind 3 investment theses and positions in 15 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in 2 years · follow all of Broyhill for every strategy.
What it bought and sold
In the wake of this latest leg down, we significantly increased our investments in the sectors, bringing both IQVIA and Sotera Health into our top holdings.
In addition to Ball, noted previously, we liquidated profitable investments in Kenedy Wilson and Fresenius Medical Care,
We initiated a new position in Smurfit WestRock with proceeds from Ball,
We also fully liquidated two positions – Evolution and Avantor - after reducing exposure to each, to reinvest in higher conviction ideas.
And we established two new positions in the depressed housing industry – Masco and Floor and Décor,
During the quarter, we booked a portion of our gains on Phillip Morris and fully liquidated several positions.
And we established two new positions in the depressed housing industry – Masco and Floor and Décor,
we significantly increased our investments in the sectors, bringing both IQVIA and Sotera Health into our top holdings.
We bought Microsoft as the stock’s valuation declined to levels in line with the broader market.
As the thesis played out, we sold into the re-rating and redeployed proceeds into more attractive opportunities.
In addition to Ball, noted previously, we liquidated profitable investments in Kenedy Wilson and Fresenius Medical Care,
Also held
Its investment theses
- IQVIAMar 2026IQVIA is a clinical research organization with sticky pharma demand, proprietary data, and valuation support despite AI concerns.
- Sotera HealthMar 2026Sotera Health is a mission-critical sterilization business with a duopoly position and valuation support despite litigation overhangs.
- MascoMar 2026Masco is a housing-related company whose normalized earnings power has improved through market share gains and expense efficiencies.