GALLAGHER ARTHUR J & CO

Old Republic International Corp, Arthur J. Gallagher's third-largest tracked holder at $43.8 million, carried the identical 190,800-share position this quarter as last — its value rising only on price. That stillness sits next to real, sizable buying elsewhere: Fort Washington Investment Advisors grew its stake 40.4%, a genuine $17.0 million purchase, the largest real buy among the stock's 168 holders. Fenimore Asset Management, the dominant holder at over $132 million, added a smaller real 1.8% ($2.4 million buy). On the sell side, Assenagon Asset Management, flagged quasi-passive, cut 46.0% ($6.6 million real outflow), and Fisher Funds Management cut 12.7% ($6.0 million real outflow) — the two largest genuine sales in the book.