FERGUSON ENTERPRISES INC

This quarter splits cleanly between conviction buyers and trimmers at Ferguson Enterprises (FERG), whose 101 institutional holders account for $404.5 million in tracked value. Wealth Enhancement Advisory Services nearly quadrupled its stake (+263.9% shares, a genuine $22.4 million real addition, the largest buy of the quarter), Perpetual Ltd — already the largest holder — added 37.5% more ($18.5 million), and PBU, a Danish pension fund for early-childhood and youth educators, doubled its position ($17.7 million). Together these three buyers deployed roughly $58 million in new conviction. Against that, Argent Capital Management cut 12.6% of its shares (a real $4.37 million reduction), Swedbank cut 11.2% ($3.44 million), and Fisher Funds Management cut 8.2% ($2.87 million). Assenagon Asset Management, flagged quasi-passive in this dataset, cut 38.2% of its shares ($10.2 million) — likely index-driven rather than a bearish call.