Canal Capital Management, LLC

Canal Capital Management's largest position, Old Dominion Freight Line (ODFL, 9.9% of a $738.8 million book), grew from $58.8 million to $73.1 million this quarter — a $14.3 million gain that was the single largest dollar move in the portfolio — even though the firm's share count barely moved (374,951 to 374,203, essentially flat). The position's growth to nearly a tenth of the book came almost entirely from price appreciation, not conviction buying. The actual buying activity this quarter went into restructuring the ETF sleeve: Canal nearly quadrupled its Invesco QQQ stake (+347% in shares, +$23.9 million, the biggest dollar increase in the book) and opened a new $20.9 million position in Schwab's SCHX, while exiting iShares' OEF, IVW and IJR and the bond ETF AGG entirely — along with a full exit from the Akre Focus Fund, a third-party mutual fund position that had sat in the top 20 holdings. The net effect: a stock the firm didn't actively add to is now its biggest holding, while its real trading energy went into swapping index-fund providers underneath it.