LITHIA MTRS INC

Hennessy Advisors' Lithia Motors position sat completely still this quarter: 106,800 shares, precisely unchanged, worth $31.0 million and roughly 12.5% of the stock's $247.9 million in tracked institutional value. That stillness sits beside River Road Asset Management, the dominant holder at $198.3 million — already 80% of the entire tracked book — which kept adding, up 29,874 shares this quarter. With only 42 institutions reporting positions and one holder controlling four-fifths of tracked value, Lithia Motors' 13F-visible ownership is about as concentrated as it gets, and this quarter's real story is which of the two largest holders is still actively building versus holding steady.