NUANCE INVESTMENTS, LLC
Long book
$717.1M
Q1 2026
Positions
43
Top-10 weight
63%
concentration
Last quarter
+14.2%
SPY +14.8%
Turnover
37%
of book per quarter
Strategy in plain words
auto-generated from filingsNUANCE INVESTMENTS, LLC is a concentrated fundamental stock-picker, running a $717.1M US long book across 43 positions.
The portfolio is concentrated: the top 10 names carry 63% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: CALIFORNIA WATER SERVICE GRP, MARTEN TRANSPORT LTD, QIAGEN N.V., CLOROX COMPANY, WERNER ENTERPRISES INC.
Over the last 9 quarters its long book ran on average 1.4pp per quarter behind the S&P 500, beating the index in 2 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
-2.2%
Q2 2024
+15.1%
Q3 2024
-6.1%
Q4 2024
-5.1%
Q1 2025
+4.7%
Q2 2025
+1.7%
Q3 2025
+2.5%
Q4 2025
+2.8%
Q1 2026
+14.2%
Sector allocation
Other 29%
Industrials 21%
Healthcare 20%
Utilities 19%
Financials 7%
Consumer discretionary 2%
Consumer staples 1%
Technology 0%
Long book by quarter
What does NUANCE INVESTMENTS, own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CWT CALIFORNIA WATER SERVICE GRP | Utilities | 1.6M | $72.7M | 10.1% | -12.1% |
| MRTN MARTEN TRANSPORT LTD | Industrials | 4.8M | $63.2M | 8.8% | -23.2% |
| QGEN QIAGEN N.V. | Healthcare | 1.3M | $52.9M | 7.4% | New |
| CLX CLOROX COMPANY | Other | 508.1K | $52.7M | 7.3% | -35.4% |
| WERN WERNER ENTERPRISES INC | Industrials | 1.5M | $44.7M | 6.2% | -22.0% |
| SOLV SOLVENTUM CORP | Healthcare | 671.2K | $43.8M | 6.1% | +4.5% |
| MASI* MASIMO CORP | — | 244.7K | $43.5M | 6.1% | New |
| KMB KIMBERLY-CLARK CORP | Other | 307.9K | $29.7M | 4.1% | +182.3% |
| KVUE KENVUE INC | Other | 1.7M | $28.5M | 4.0% | -41.2% |
| HTO H2O AMERICA | Utilities | 391.6K | $23.0M | 3.2% | -56.8% |
| GL GLOBE LIFE INC | Financials | 156.9K | $21.8M | 3.0% | -32.3% |
| ATR APTARGROUP INC | Other | 155.4K | $19.6M | 2.7% | -37.4% |
| LNN LINDSAY CORP | Industrials | 161.7K | $19.3M | 2.7% | -9.4% |
| EG EVEREST GROUP LTD | Financials | 53.6K | $17.5M | 2.4% | -4.3% |
| BDX BECTON DICKINSON AND CO | Healthcare | 106.8K | $16.8M | 2.3% | -14.7% |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 30.3K | $14.9M | 2.1% | +44.3% |
| AVA AVISTA CORP | Utilities | 363.2K | $14.6M | 2.0% | +13.9% |
| HSIC HENRY SCHEIN INC | Consumer discretionary | 193.9K | $14.3M | 2.0% | -31.3% |
| WAT WATERS CORP | Healthcare | 40.5K | $12.1M | 1.7% | +6870.7% |
| IEX IDEX CORP | Industrials | 44.8K | $8.5M | 1.2% | -61.8% |
| WTRG ESSENTIAL UTILITIES INC | Utilities | 194.8K | $7.8M | 1.1% | +54.6% |
| CNH CNH INDUSTRIAL NV | Industrials | 653.1K | $7.2M | 1.0% | -29.0% |
| NKE NIKE INC -CL B | Other | 129.0K | $6.8M | 1.0% | -9.8% |
| POR PORTLAND GENERAL ELECTRIC CO | Utilities | 128.4K | $6.8M | 0.9% | -58.1% |
| DGX QUEST DIAGNOSTICS INC | Healthcare | 24.5K | $4.8M | 0.7% | -55.8% |
| AVO MISSION PRODUCE INC | Consumer staples | 301.6K | $4.1M | 0.6% | -38.7% |
| 628 SEMRUSH HOLDINGS INC-A | — | 335.1K | $4.0M | 0.6% | -20.1% |
| RGA REINSURANCE GROUP OF AMERICA | Financials | 19.3K | $3.9M | 0.5% | -49.8% |
| AIG AMERICAN INTERNATIONAL GROUP | Financials | 51.7K | $3.9M | 0.5% | New |
| MMM 3M CO | Healthcare | 26.4K | $3.8M | 0.5% | New |
| A AGILENT TECHNOLOGIES INC | Healthcare | 32.9K | $3.8M | 0.5% | New |
| MSEX MIDDLESEX WATER CO | Utilities | 57.2K | $3.0M | 0.4% | New |
| EL ESTEE LAUDER COMPANIES-CL A | Other | 35.8K | $2.6M | 0.4% | +999.6% |
| NTRS NORTHERN TRUST CORP | Financials | 15.7K | $2.2M | 0.3% | -66.0% |
| GGG GRACO INC | Industrials | 23.4K | $2.0M | 0.3% | -25.1% |
| AWR AMERICAN STATES WATER CO | Utilities | 25.9K | $2.0M | 0.3% | New |
| AWK AMERICAN WATER WORKS CO INC | Utilities | 14.3K | $1.9M | 0.3% | -62.1% |
| ABT ABBOTT LABORATORIES | Healthcare | 18.5K | $1.9M | 0.3% | New |
| DHR DANAHER CORP | Technology | 10.0K | $1.9M | 0.3% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 8, 2026 | 43 | $717.1M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 11, 2026 | 45 | $907.6M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 6, 2025 | 46 | $982.1M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 7, 2025 | 46 | $1.28B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 49 | $1.52B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 12, 2025 | 53 | $2.48B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 8, 2024 | 48 | $2.98B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 8, 2024 | 48 | $3.27B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 7, 2024 | 49 | $3.81B | canonical | SEC ↗ |
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