What smart money is saying about Waste Management
3 funds in our archive have pitched Waste Management — most recently Jensen Investment Management Quality Growth Equity Composite in June 2026.
Waste Management, Inc. (WM) functions as a premier provider of environmental waste solutions across North America, serving a diverse client base that includes residential, commercial, industrial, and municipal customers. The company's core operations involve comprehensive collection services, which include gathering and transporting both waste materials and recyclables from their initial point of generation to designated transfer stations, material recovery facilities (MRFs), or final disposal sites. Waste Management maintains an extensive network of facilities, owning, developing, and operating landfill gas-to-energy plants within the United States, in addition to managing numerous transfer stations. As of December 31, 2021, its substantial infrastructure consisted of 255 solid waste landfills, 5 secure hazardous waste landfills, 96 material recovery facilities, and 340 transfer stations. Beyond primary collection and disposal, WM offers services in materials processing and commodities recycling. This extends to recycling brokerage, where they handle the marketing of recyclable goods for third-party entities, alongside providing various other strategic business solutions. Its service portfolio also encompasses construction and remediation projects, the responsible management of fly ash and other residues generated from coal and fuel combustion, and specialized in-plant services offering full-spectrum waste management consulting. Furthermore, the company delivers tailored disposal solutions for oil and gas exploration and production activities. Originally incorporated in 1987 as USA Waste Services, Inc., the company rebranded to Waste Management, Inc. in 1998. Its corporate headquarters are situated in Houston, Texas.
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Position history
Between Q4 2024 and Q2 2026, 4 fund letters reported a position in Waste Management — 3 opened or added to the position.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 4 | 3 | 0 | 1 |
| Q4 2025 | 0 | 0 | 0 | 1 |
| Q4 2024 | 0 | 0 | 0 | 1 |
Fund activity · 4 positions · 3 moves
“Portfolio Changes We initiated new positions in Equinix and Arista Networks and exited our positions in Aon and Intuit. Positions in Microsoft, Waste Management, Netflix, Ecolab, and Yum! Brands were added to on weakness while also adding to our positions in Alphabet, Apple, Nvidia, and ServiceNow given their strong long-term growth prospects.”
Waste Management- June 2026
“The third Quality Growth pillar provides balance through the ownership of enduring franchises such as Compass Group (CPG LN), Alimentation Couche-Tard (ATD CN), and Waste Management (WM).”
Waste Management “We also added to two existing positions, Motorola Solutions (MSI) and Waste Management (WM), as both quality defensive businesses had been trimmed at higher valuations in recent periods and warranted higher weights after valuation and growth prospects aligned to become more attractive during Q2 rebalancing.”
Waste Management- June 2026
“Netflix was a detractor from returns during the quarter after the stock came under pressure despite reporting solid first quarter results in April. Revenue grew 16% year-over-year, or 14% excluding FX, and operating income rose 18%, supported by strong growth in APAC and Latin America. Second quarter revenue guidance came in roughly 1% below expectations and EBIT guidance was 5% light due to content amortization timing. Management maintained full-year guidance of 11% to 13% revenue growth (excluding FX) and approximately 20% profit growth rather than raising it, which disappointed some investors who had anticipated a lift following the recent price hike and the removal of the Warner Bros. Discovery deal overhang. With the Warner Bros. Discovery acquisition now behind it, management can refocus on the core business and deploy excess free cash flow toward AI investment and buybacks, including a new $25 billion authorization. The company continues to expand its mobile and content initiatives, while evaluating longer-term opportunities in advertising and AI-driven production tools. Over the long term, Netflix benefits from a recurring subscription model with low churn and demonstrated pricing power, supported by a broad and growing content library and meaningful global growth opportunity. We added to the position on weakness during the quarter, raising the target to an average weight.”
Waste Management
Fund coverage · 3 theses
Waste Management is presented as an enduring franchise with resilient cash generation and durable market position.
Read the full thesis- Parnassus Value Equity FundDecember 2025
Waste Management, Inc. benefits from a wide-moat industry structure, pricing power, and growth from RNG, recycling, and Stericycle synergies.
Read the full thesis - Diamond Hill Large Cap Concentrated FundDecember 2024
Waste Management is one of the US’s largest providers of waste-collection services. Its leading footprint of landfill assets provides the company with long-term pricing power.
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