What smart money is saying about Advanced Drainage Systems, Inc.
4 funds in our archive have pitched Advanced Drainage Systems, Inc. — most recently Baron Discovery Fund in June 2026.
Advanced Drainage Systems, Inc., established in Hilliard, Ohio in 1966, is a leading provider of innovative water management solutions. The company specializes in the design, manufacturing, and global distribution of thermoplastic corrugated pipes and related drainage products, primarily targeting the underground construction and infrastructure sectors across the United States, Canada, Mexico, and other international territories. Its operations are structured across four key segments: Pipe, International, Infiltrator, and Allied Products & Other. ADS offers a wide array of products, including single, double, and triple-wall corrugated pipes made from polypropylene and polyethylene. Beyond basic piping, their extensive catalog features sophisticated water management systems such as plastic leachfield chambers, EZflow synthetic aggregate bundles, advanced mechanical aeration wastewater solutions, septic tanks and accessories, and integrated treatment and dispersal units. Furthermore, the company supplies allied products like storm retention, detention, and septic chambers, polyvinyl chloride drainage structures, various fittings, and water quality filters and separators. ADS also distributes construction fabrics and other geosynthetic materials vital for soil stabilization, reinforcement, filtration, erosion control, and sub-surface drainage, alongside drainage grates. These products cater to a broad spectrum of applications, including residential, non-residential, agricultural, and large-scale infrastructure projects, supported by approximately 38 distribution centers.
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Position history
Between Q4 2024 and Q2 2026, 5 fund letters reported a position in Advanced Drainage Systems, Inc. — 3 opened or added to the position.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 4 | 3 | 0 | 2 |
| Q1 2026 | 1 | 0 | 0 | 0 |
| Q2 2025 | 0 | 0 | 0 | 1 |
| Q4 2024 | 0 | 0 | 0 | 1 |
Fund activity · 5 positions · 3 moves
- New positionBaron Discovery FundJune 2026
“During the quarter, we reinitiated a position in Advanced Drainage Systems, Inc. (ADS), the leading U.S. manufacturer of stormwater and onsite wastewater management products.”
Read the letterAdvanced Drainage Systems, Inc. - New positionBaron SMID Cap ETFJune 2026
“During the quarter, we initiated a position in Advanced Drainage Systems, Inc. (ADS), the leading U.S. manufacturer of stormwater and onsite wastewater management products.”
Read the letterAdvanced Drainage Systems, Inc. - New positionBaron SMID Cap StrategyJune 2026
“During the quarter, we initiated a position in Advanced Drainage Systems, Inc. (ADS), the leading U.S. manufacturer of stormwater and onsite wastewater management products.”
Read the letterAdvanced Drainage Systems, Inc. - June 2026
“FUND MANAGEMENT TOP 10 HOLDINGS (%)* Silicon Laboratories, Inc. 3.34 WisdomTree, Inc. 3.15 Ligand Pharmaceuticals, Inc. 3.10 JBT Marel Corp 2.48 MYR Group, Inc. 2.32 ESCO Technologies, Inc. 2.23 Option Care Health, Inc. 2.01 Palomar Holdings, Inc. 1.96 Advanced Drainage Systems, Inc. 1.94 Cactus, Inc. 1.93 Top 10 Holdings Total 24.46”
Read the letterAdvanced Drainage Systems, Inc. - March 2026
“Advanced Drainage Systems, Inc. 1.77”
Read the letterAdvanced Drainage Systems, Inc.
Also mentioned · 1
These funds discuss Advanced Drainage Systems, Inc. — as a competitor, benchmark or comparable — without disclosing a position in it.
- July 2026
“Other detractors included TSMC (Information Technology), Screen Holdings (Information Technology) and Advanced Drainage Systems (Industrials).”
Read the letterAdvanced Drainage Systems, Inc.
Fund coverage · 4 theses
- Baron Discovery FundJune 2026
Advanced Drainage Systems, Inc. is a dominant stormwater and wastewater products maker with cost advantages, secular tailwinds, and attractive valuation.
Read the full thesis - Baron SMID Cap ETFJune 2026
Advanced Drainage Systems, Inc. has scale, cost advantages, and secular tailwinds that support multi-year growth, margin expansion, and an attractive valuation.
Read the full thesis - Madison Small Cap FundJune 2025
Advanced Drainage Systems (WMS) is a leading manufacturer of high-performance drainage solutions with substantial advantages in scale, distribution, and cost, positioned to benefit from increasing storm intensity and related water management challenges.
Read the full thesis - Liontrust Global Smaller Companies FundDecember 2024
Advanced Drainage Systems (ADS) is the largest US manufacturer of plastic piping for stormwater drainage, benefiting from a robust distribution network and increasing market share amid rising demand for wastewater solutions.
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