What smart money is saying about Watsco, Inc.
1 fund in our archive has pitched Watsco, Inc. — most recently Giverny Capital in December 2025.
Watsco, Inc., together with its subsidiaries, distributes air conditioning, heating, refrigeration equipment, and related parts and supplies. The company distributes equipment comprising residential ducted and ductless air conditioners, such as gas, electric, and oil furnaces; commercial air conditioning and heating equipment systems; and other specialized equipment. It also offers parts, including replacement compressors, evaporator coils, motors, and other component parts; and supplies, such as thermostats, insulation materials, refrigerants, ductworks, grills, registers, sheet metals, tools, copper tubing, concrete pads, tapes, adhesives, and other ancillary supplies, as well as plumbing and bathroom remodeling supplies. The company serves contractors and dealers that service the replacement and new construction markets for residential and light commercial central air conditioning, heating, and refrigeration systems. As of December 31, 2021, it operated from 671 locations in the United States, Canada, Mexico, and Puerto Rico, as well as exports its products to Latin America and the Caribbean Basin. Watsco, Inc. was founded in 1945 and is headquartered in Miami, Florida.
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Position history
Between Q4 2025 and Q2 2026, 3 fund letters reported a position in Watsco, Inc. — 1 opened or added to the position.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 1 | 0 | 0 | 0 |
| Q1 2026 | 2 | 1 | 0 | 0 |
| Q4 2025 | 0 | 0 | 0 | 1 |
Fund activity · 3 positions · 1 move
- June 2026
“We continued to make changes to the portfolio during the quarter, but those changes were consistent with the same discipline that has guided the Fund over time. We initiated positions in Capital One Financial Corp (COF) and Spotify Technology SA (SPOT), where recent share price weakness created what we believe were attractive entry points into businesses with compelling long-term growth opportunities. We also exited First Citizens BancShares (FCNCA) following a period of strong execution and meaningful value creation. In addition, after initiating Watsco Inc (WSO) late in the first quarter, we exited Canadian National Railway Co (CNI) early in the second quarter in a move to reallocate capital toward what we believe is a more compelling long-term opportunity.”
Watsco, Inc. - New positionFlexible Equity FundMarch 2026
“During the quarter, we added three new positions—NVIDIA Corporation (NVDA), SAP SE Sponsored ADR (SAP), and Watsco, Inc. (WSO)—while exiting T- Mobile (TMUS), Workday, Inc. (WDAY), and Uber Technologies (UBER)”
Watsco, Inc. - March 2026
Listed in Giverny Capital Asset Management (GCAM) model portfolio’s reported holdings.
Watsco, Inc.
Fund coverage · 1 thesis
- Giverny CapitalDecember 2025
Watsco is the largest HVAC distributor with technology advantages and secular replacement demand, poised to resume double-digit earnings growth after a standards-driven pause.
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