LFL Advisers, LLC
Long book
$332.4M
Q1 2026
Positions
9
Top-10 weight
100%
concentration
Last quarter
+14.1%
SPY +14.8%
Turnover
11%
of book per quarter
Strategy in plain words
auto-generated from filingsLFL Advisers, LLC is a concentrated fundamental stock-picker, running a $332.4M US long book across 9 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: BANK OF NEW YORK MELLON CORP, TE CONNECTIVITY PLC, SUNBELT RENTALS HOLDINGS INC, AON PLC-CLASS A, LAMAR ADVERTISING CO-A.
Over the last 9 quarters its long book ran on average 0.7pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-3.9%
Q2 2024
+6.2%
Q3 2024
-2.5%
Q4 2024
+2.0%
Q1 2025
+6.8%
Q2 2025
+12.7%
Q3 2025
+4.2%
Q4 2025
-5.1%
Q1 2026
+14.1%
Sector allocation
Financials 47%
Consumer discretionary 17%
Services media 15%
Industrials 11%
Technology 10%
Long book by quarter
What does LFL Advisers, own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BNY BANK OF NEW YORK MELLON CORP | Financials | 459.5K | $54.5M | 16.4% | -0.7% |
| TEL TE CONNECTIVITY PLC | Consumer discretionary | 234.0K | $48.9M | 14.7% | +0.1% |
| SUNB SUNBELT RENTALS HOLDINGS INC | Services media | 659.9K | $42.7M | 12.8% | New |
| AON AON PLC-CLASS A | Financials | 126.7K | $40.9M | 12.3% | +36.7% |
| ALV AUTOLIV INC | Industrials | 314.9K | $33.1M | 10.0% | +0.1% |
| GOOG ALPHABET INC-CL C | Technology | 101.5K | $29.1M | 8.8% | -22.3% |
| PGR PROGRESSIVE CORP | Financials | 140.8K | $27.9M | 8.4% | +0.4% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 31.8K | $15.2M | 4.6% | +0.3% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 13, 2026 | 9 | $332.4M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 8 | $304.8M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 8 | $288.9M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 8 | $250.2M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 8 | $228.6M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 9 | $256.7M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 10 | $279.0M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 11 | $254.1M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 13, 2024 | 11 | $277.0M | canonical | SEC ↗ |
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