Eldred Rock Partners, LLC

2. Key Holdings

The portfolio is characterized by a remarkably even distribution of capital among its top holdings, lacking a single dominant "mega-position." The largest position, Alphabet Inc. (GOOGL), represents 5.57% of the portfolio, followed closely by Taiwan Semiconductor (TSM) at 5.06% and Brookfield Corp (BN) at 5.04%.

This top-tier list reveals a value-oriented and industrials-heavy focus. Brookfield Corp, a major alternative asset manager, and Taiwan Semiconductor, a critical semiconductor player, indicate a bet on global infrastructure and technology backbone. The presence of Cummins Inc (CMI) and Vontier Corporation (VNT)—both in the top 5—highlights a specific tilt toward industrial technology and transportation efficiency. Notably, Berkshire Hathaway (BRK/B) holds the 10th spot at 3.67%, which may serve as a defensive, diversified holding within the portfolio. The tight clustering of the top positions (ranging from 5.57% down to 3.42% for Deere & Co.) suggests the manager actively manages concentration risk rather than passively letting winners grow to dominate the portfolio.