What smart money is saying about Toll Brothers, Inc.
3 funds in our archive have pitched Toll Brothers, Inc. — most recently Baron Real Estate Fund in September 2026.
Toll Brothers, Inc. (TOL) stands as a prominent luxury homebuilder operating across the United States. The company, along with its various divisions, specializes in the design, construction, marketing, sale, and financing of upscale detached and attached residences within master-planned communities. Its operations are structured into two main divisions: Traditional Home Building and City Living. The latter specifically focuses on developing, constructing, and selling condominiums. Beyond its core homebuilding activities, Toll Brothers diversifies its portfolio by developing and managing golf courses and country clubs, acquiring and divesting land, and constructing, operating, and leasing apartment complexes. It further enhances its offerings by providing a wide array of interior design and finishing selections, encompassing everything from flooring and cabinetry to smart home systems and security features. The firm maintains a vertically integrated structure, with its own operations spanning architectural and engineering services, mortgage and title insurance, smart home technology, landscaping, lumber distribution, and the manufacturing and assembly of various housing components. Its clientele primarily consists of affluent buyers, including those seeking to upgrade their homes, empty-nesters, active adults, and individuals purchasing second homes. Toll Brothers has also forged a strategic alliance with Equity Residential to jointly develop new rental apartment communities across various U.S. markets. Established in 1967, the company's headquarters are situated in Fort Washington, Pennsylvania.
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Fund signal · last 12 months
8 lettersToo few moves on Toll Brothers, Inc. yet for a clear signal
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q3 2025 and Q3 2026, 9 fund letters reported a position in Toll Brothers, Inc., with 4 buys (opened or added).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 4 | 1 | 0 | 3 |
| Q2 2026 | 3 | 1 | 0 | 0 |
| Q4 2025 | 1 | 1 | 0 | 0 |
| Q3 2025 | 1 | 1 | 0 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 9 positions · 4 moves
- September 2026
“Toll Brothers detracted from portfolio performance in the quarter. Cyclical headwinds over the past few years have driven earnings lower. However, Toll is one of the few homebuilders still growing net orders while maintaining healthy margins and low cancellation rates. It also has a land pipeline that can sustain double-digit growth as demand stabilizes. Toll Brothers' core customers are affluent buyers, a quarter of whom pay cash and often build to order. As a result, the Company's buyers are generally less sensitive to interest rates than much of the entry-level housing market, which continues to face affordability pressures. Despite the continued back-up in mortgage rates, we continue to hold, as we think U.S. housing has substantial pent-up demand and chronic undersupply.”
Toll Brothers, Inc. - HoldsDistillate CapitalSeptember 2026
“The homebuilder Toll Brothers offers a useful example.”
Toll Brothers, Inc. - September 2026
Listed in Baron Real Estate Fund’s reported holdings.
Toll Brothers, Inc. - New positionGoodHaven FundJuly 2026
“Our two biggest detractors in this period were our two long-time winners involved in the domestic housing market - Builders FirstSource and Lennar. As we said last period on this topic: “Our biggest detractor in the period was long-time winner Builders FirstSource. Our exposure to single family housing in aggregate, which also includes Lennar and Toll Brothers, was a material sector decliner in the period. We added to our Lennar exposure in the period and more recently established Toll Brothers as a holding.”
Toll Brothers, Inc. - New positionDistillate CapitalJune 2026
Listed in Distillate Capital’s reported holdings.
Toll Brothers, Inc. - June 2026
Listed in Baron Focused Growth Fund’s reported holdings.
Toll Brothers, Inc. - June 2026
Listed in Baron Real Estate Strategy’s reported holdings.
Toll Brothers, Inc. - New positionThe GoodHaven FundDecember 2025
“We added to our Lennar exposure in the period and more recently established Toll Brothers as a holding.”
Toll Brothers, Inc. - September 2025
“o one each in consumer (Toll Brothers), energy (Centrus Energy), basic materials (MP Materials)”
Toll Brothers, Inc.
Fund coverage · 3 theses
- Baron Real Estate FundSeptember 2026
Toll Brothers is a luxury homebuilder with a strong customer base, limited competition, a valuable land portfolio, and attractive valuation.
Read the full thesis - Distillate CapitalSeptember 2026
Toll Brothers is a homebuilder whose cheap valuation and cash generation have enabled large share repurchases and strong per-share fundamental growth.
Read the full thesis - Wedgewood Partners U.S. Large Cap Growth StrategySeptember 2026
Toll Brothers has resilient affluent demand, healthy margins, and a land pipeline that can support double-digit growth.
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