VILLERE ST DENIS J & CO LLC

What did not move in Villere St Denis J & Co's Q1 2026 13F is as revealing as what did: the four genuine new positions total barely $2.2 million in a $907 million book — Travelers, a Vanguard small-value ETF, J.B. Hunt, and Remitly are rounding errors, not a pivot. Stability of structure coexists with violent share trims underneath. JPMorgan remains a top-three holding at 4.2% even after a 31% share cut (about $17.3 million of share flow out); Freeport-McMoRan (−34% shares) and Tidewater (−31% shares) took similar hits. The largest clean exit is Euronet Worldwide (~$18.6 million prior). AUM fell from about $997 million to $907 million. Chevron (4.5%) and Ligand Pharmaceuticals (4.2%) now lead a 76-name book that still looks like concentrated multi-cap quality — just lighter.