Arthur J. Gallagher & Co.

• Dodge & Cox Stock Fund To Our Shareholders ↗ Dodge & Cox Stock Fund added Roper Technologies, Visa, Arthur J. Gallagher and Thermo Fisher Scientific while increasing Microsoft, arguing that AI fears, cyclical pressures and regulatory concerns had created valuation opportunities. The fund retained confidence in FIS, Fiserv and Charter Communications despite operational and competitive concerns, maintaining a contrarian tilt toward Financials and Health Care. six-month period ended June 30, 2026 AJG $72BCHTR $14BFIS $15B +5
• FA Fenimore Asset Management Quarterly Investment Commentary ↗ Fenimore maintained its quality bias as energy and speculative shares led markets, adding to discounted holdings while refusing to chase the rally. The strategies bought Gildan, Arthur J. Gallagher, Ryan Specialty and S&P Global, sold EOG Resources, and argued that AI fears created selective opportunities in software, brokers and information services. Q1 2026 ADI $190BAJG $72BBR $21B +5
• AP Artisan Partners Artisan Mid Cap Fund Quarterly Commentary ↗ Artisan Mid Cap Fund added to DoorDash and ROBLOX after share-price weakness, initiated Semtech, Tradeweb Markets and SiTime, and exited Ares Management, CCC Intelligent Solutions and Parsons. The portfolio favors health care, AI infrastructure and aerospace and defense businesses with durable profit cycles amid wider market dispersion. Q1 2026 AJG $72BALAB $41BARES $45B +13

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