BOWEN HANES & CO INC

Bowen Hanes & Co.'s $4.1B 13F is an outlier among large institutional books: its top three positions are Corning (4.6%), ATI (3.7%) and GE Vernova (3.7%) — an industrial-materials-energy cluster that reads as a deliberate infrastructure-thesis bet, not a tech-benchmark drift. The manager brought in five new holdings this quarter — Alphabet (1.6%), FABRINET (1.3%), United Therapeutics (1.2%), Oshkosh (1.0%) and Equinix (1.0%) — while removing Amazon, Fair Isaac, S&P Global, Thermo Fisher and Badger Meter, nudging the book further toward a fixed-asset-backbone mandate.

What makes the filing distinctive beyond the sector tilt is its granularity: 151 holdings at $4.1B produce an average position size of roughly $27M, far above the $2M average of an S&P 500 index fund. Bowen Hanes operates with genuine active conviction, and a whaleScore of 58 reflects the scale of the portfolio, not the quality of the stock-picking.