TIMUCUAN ASSET MANAGEMENT INC/FL

Last quarter, Timucuan Asset Management's 28-position book barely moved: nearly every one of its concentrated holdings sat within a percent or two of where it started. This quarter looks almost the same on the surface — 7 unchanged positions, most others drifting 1-2% — except for one real, sized decision: Analog Devices was cut 26.1% in share terms, a genuine $76.3 million outflow that dwarfs every other flow in the portfolio by more than 10-to-1. That capital helped fund the fund's only new position, a $61.9 million initiation in Kinsale Capital Group that landed straight in as a top-15 holding. Total AUM fell 11.8% to $2.72 billion, a decline that outpaces the modest trims visible across the rest of this famously low-turnover, 28-name concentrated book.