OLD REPUBLIC INTERNATIONAL CORP

Swapping Lockheed Martin for McCormick was nearly all the trading Old Republic International's $2.67 billion equity book — the investment portfolio behind a major title-insurance holding company — did this quarter: 44 of 51 positions were completely unchanged, zero were increased, and only five were trimmed. The one swap that did happen is a clean one: Lockheed Martin was fully exited ($28.3 million) while McCormick arrived as the only new position ($31.9 million) — a rotation from defense into a defensive consumer-staples spice maker. Two of the five trims hide behind rising prices: Texas Instruments' share count fell 28% (a genuine $27.8 million reduction) even as its dollar value rose $6.3 million, and Cisco Systems fell 21% in shares (a $20.1 million real cut) while its value rose $12.2 million — both look like gains if read by price alone, but the share-flow data shows real position-sizing discipline underneath.